J  C  -8 


5- 


e 


l^ 


It 


Front  View  of  the  Office,  erected  1880. 


A.  HISTORY 


OF  THE 


INSURANCE  COMPANY 
OF  NORTH  AMERICA 


OF    PHILADELPHIA: 


THE  OLDEST  FIRE  AND   MARINE   INSURANCE  COMPANY   IN  AMERICA. 

Began  Business  as  an  Association  in  1792. 
Incoeporated  1794. 


PHILADELPHIA : 
Press  of  Review  Publishing  and  Printing  Company. 


1885 


2076166 


CONTENTS. 


Page 
I. 

Organization, ^ 

II. 

Early  Marine  Underwriting  in  Philadelphia, 14 

III. 

Early  Fire  Underwriting  in  Philadelphia, 28 

lY. 

Incorporation, 35 

V. 

Marine  Business, 4T 

YI. 

Fire  Business, 61 

YII. 

Life  Business, '^2 

YIII. 
Finances, "^^ 

IX. 

Office  Locations, "^"^ 

X. 

Lives  of  the  Founders  and  the  Presidents, 92 

1.  JOHN  M.  NESBITT.  4.    CHARLES  PETTIT.  7.    JOHN  C.  SMITH. 

2.  EBENEZER  hazard.  5.    JOSEPH  BALL.  8.     ARTHUR  G.  COFFIN. 

3.  samuel  blodget.          g.  john  inskeep.           9.  charles  platt. 
Appendix, 123 

Index, ^^^ 

(3) 


f3^ 


ILLUSTRATIONS. 


Pagk 

Front  View  of  Office  Building,      Frontispiece. 

Charles  Platt, t 

First  Office  of  the  Company  (etching  by  Joseph  Pennell\  ...      9 

First  Page  of  Minutes  of  the  Board, 12 

Early  Marine  Policy  op  Company,  1193, IT 

Early  Marine  Policy  of  Brokers,  1795, 26 

Early  Fire  Policy  of  Company,  1795, 32 

Page  op  Original  Bill  Presented  to  Legislature, 35 

A  Page  op  Stock  Subscriptions, 40 

First  Page  op  Marine  Blotter,    •. 47 

Marine  Policy  of  Company,  1795, 50 

An  Old  Committee, 56 

First  Page  op  Fire  Blotter,      62 

Proposals  for  Fire  Insurance, 64 

Fire  Policy  of  Company,  1809, 68 

First  Receipt  for  Rent  op  Office, 77 

Front  View  of  Office  Building,  1879  (from  pen  sketch  by  J.  Pennell),    90 

Ebenezer  Hazard  (from  miniature  by  Duvivier,  1796), 96 

Charles  Pettit  (from  portrait  by  Gilbert  Stuart), 109 

John  Inskeep  (from  portrait  by  Rembrandt  Peale), 116 

John  C.  Smith  (from  miniature), 118 

Arthur  G.  Coffin  (from  portrait  by  S.  B.  Waugh), 120 

Grand  Staircase, 123 

Main  Office, 13T 

(5) 


ff?. 


-s.^^ 


c^ 


Seventh  President,  1878. 


PREFACE. 


This  history  of  the  oldest  joint-stock  insurance  company  in  the  United 
States,  now  venerable  in  its  age,  and  national  in  its  standing,  was  undertaken 
on  the  request  contained  in  the  following  letter  of  President  Piatt: 

Insurance  Company  of  North  America, 
232  Walnut  Street, 

Philadelphia,  April  19,  1881. 
Dear  Mr.  Montgomery: 

Our  Board  at  their  last  meeting  passed  the  following  resolution : 
That  the  officers  be  requested  to  cause  the  history  of  this  Company  to  be 
written,  and  you  were  mentioned  in  connection  as  the  only  person  competent 
to  perform  the  service  satisfactorily. 

May  I  ask  you  if  you  will  undertake  the  work  in  your  leisure  time? 

Yours  truly, 

CHAS:  PLATT. 

Thos.  H.  Montgomery,  Esq. 

The  connection  happily  held  by  the  compiler  with  the  Company  during 
the  years  1879  and  1880,  when  in  charge  of  an  important  section  of  its  fire 
branch,  afforded  him  favorable  opportunities  of  conning  its  early  and  later 
records,  and  Mr.  Piatt,  sharing  in  the  interest  the  review  of  these  naturally 
aroused,  encouraged  a  more  systematic  search  among  its  papers  and  files  for 
all  those  facts  and  incidents  which  would  best  illustrate  the  origin  and  growth 
of  the  institution. 

There  is  very  much  in  its  annals  inducive  to  a  study  of  those  principles 
of  underwriting,  which  in  a  century  have  testified  to  such  development  in 
this  the  youngest  of  nations.  Accepting  the  practices  and  customs  of  our 
parent  country,  we  yet  have  had  to  apply  and  interpret  them  as  the  ex- 
igencies  of   our    growth    under   new   conditions   of    trade   and  society  have 

(7) 


8  PREFACE. 

demanded,  and  both  in  marine  and  fire  underwriting  to  adapt  these  tradi- 
tions of  our  forefathers  to  present  practice,  as  the  material  and  mechanical 
development  of  the  countrj'  required. 

Tliere  is,  as  well,  ample  store  for  illustration  of  the  financial  growth  of  the 
country-,  as  in  more  than  nine  decades  it  has  passed  through  all  the  ^•icissitudes 
the  people  have  endured  in  that  time  in  the  varjing  fluctuations  of  the  com- 
mercial world;  but  it  found  its  Policy  of  Insurance  indemnifying  it  against  the 
hazards  of  financial  failure  in  its  own  good  credit  and  hearty  pluck,  and  in  its 
faithful  management  by  wise  and  discreet  officers. 

Tlie  scope  of  this  compilation,  however.  ^\'ill  not  permit  the  discussion  and 
elaboration  of  those  important  features  which  a  perusal  of  the  company's 
records  offers  temptingly  to  view.  And  it  may  suffice  for  its  friends  and  well- 
wishers  to  find  in  these  pages  those  saUent  points  of  interest  which  testify  to  its 
inception,  its  growth,  and  its  present  maturity :  to  find  how  well  its  foundations 
were  laid,  how  the  superstructure  has  grown  amid  the  sunshine  and  storms  of 
almost  a  centurj' ;  and  to  learn  somewhat  of  the  chief  actors  in  its  concerns, 
whase  guicUng  hands  have  in  these  busy  years,  one  by  one,  brought  it  to  its 
present  eminence  and  usefulness. 

Tlie  records  and  files  of  the  Company,  which  have  been  singularly  well  pre- 
served, afford  a  large  amount  of  material,  which  in  its  detail,  would  both  instruct 
and  entertain ;  but  it  is  trusted  that  enough  is  here  produced  to  portray  mth 
sufficient  distinctness,  what  has  been  attempted  amidst  the  claims  of  many 
duties,  a  Histor}-  of  the  Insurance  Company  of  Xorth  America. 

T.  H.  M. 

Philadelphia,  1  June,  1885. 


A    HISTORY 


Insurance  Company  of  North  America. 


ORGANIZATION. 

THE  mSURA:N^CE  COMPANY  OF  IS^ORTH 
AMERICA  had  its  origin  in  The  Universal 
Tontine,  which  was  projected  in  the  city  of 
Philadelphia  early  in  the  year  1792.  Sundry  citizens,  to 
whom  were  added  some  of  Boston,  planned  the  scheme  of 
a  Tontine,  a  system  which  had  many  attractive  and  plausi- 
ble features,  "  for  the  purpose  of  raising  a  fund  upon  lives, 
to  be  applied  to  the  charitable  and  other  uses."  The  sub- 
scription books  were  to  ])e  opened  on  the  twentieth  day  of 
March,  1792.  It  was  founded  upon  the  plan  of  The  Boston 
Tontine  Association,  a  copy  of  whose  Constitution,  printed 
in  1791,  was  submitted  to  the  present  subscribers,  and  yet 
remains  among  the  files  of  this  Company.  The  Boston 
failed  of  its  original  objects,  and  eventually  took  the  form  of 
a  State  bank,  The  Union:  a  like  project  in  New  York  came 
to  naught  about  the  same  time.     Among  the  promoters  in 

(9) 


10  A  HISTORY  OF  THE 

the  Boston  Association  was  Mr.  Samuel  Blodget,  jr.,  a  son- 
in-law  of  the  Rev.  AVilliam  Smith,  D.  D.,  the  first  Provost 
of  the  Colle^^e  and  Academy  of  Philadelphia.  A  friend  and 
correspondent  of  his  in  Philadelphia,  Mr.  Ebenezer  Hazard, 
was  kept  informed  of  its  progress,  and  when  it  failed  of 
success,  it  was  by  the  latter's  intervention  that  Mr.  Blodget 
concluded  upon  attempting  the  Fund  in  this  city ;  and  it 
was  due  to  this  instrumentality  that  some  of  the  Boston 
subscribers  transferred  their  interests  to  the  Philadelphia 
scheme. 

The  subscriptions  to  The  Universal  Tontine,  as  it  was 
here  called  to  avoid  the  appearance  of  only  a  local  scope, 
were  opened  on  the  day  named.  *'  In  order  to  pursue  the 
preliminary  steps  for  establishing  the  Society,"  there  were 
"appointed  five  agents,  to  wit:  John  MaxAvell  Xesbitt, 
TValter  Stewart,  Jasper  Moylan,  Samuel  Blodget,  junior, 
and  John  Dewhurst.  Esquires,  and  one  Secretary,  to  wit, 
Ebenezer  Hazard."  In  due  time  one  hundred  and  eighty- 
seven  persons  signed  the  Articles  of  Association,  their 
shares,  however,  numberinof  in  the  aofo-resfate  but  eifrht 
thousand  four  hundred,  when  the  required  limit  was  one 
hundred  thousand  shares.  At  the  close  Mr.  Blodofct  sub- 
scribed,  in  conformity  to  the  third  article  of  the  Associa- 
tion, to  fifty  thousand  shares  to  transmit  for  sale  to  Boston, 
no  agent  or  other  subscriber  being  allowed  more  than  fifly 
thousand  shares,  "in  order  to  prevent  the  shares  from  being 
monopolized  by  the  citizens  of  any  one  State  or  District,  to 
give  effect  to  the  beneficent  design  of  the  Institution." 

But  no  one  locality  seemed  desirous  to  monopolize  this 
beneficence.     Pursuant  to  the  Articles   of  Association,  a 


INSURANCE  COMPANY  OF  NORTH  AMERICA.        11 

general  meeting  of  the  subscribers  was  held  at  the  State 
House  on  Saturday,  3  IS^ovember,  1792,  pursuant  to  a  public 
call,  advertised  in  the  papers  from  15  September  to  the  date 
of  meeting,  "  when  the  agents  represented  to  them  the  state 
of  the  subscriptions,  and  the  improbability  of  success  in 
carrying  the  plan  of  the  Tontine  into  effect ;  that  a  similar 
attempt  had  failed  at  Boston,  and  another  at  JS^ew  York ; 
that  Tontines  in  general  appeared  to  be  in  disrepute ;  that 
no  subscriptions  to  The  Universal  Tontine  had  been  re- 
ceived for  a  considerable  time ;  that  many  who  had  sub- 
scribed were  dissatisfied,  and  were  desirous  that  either  the 
Association  should  be  dissolved  or  the  Funds  appropriated 
to  some  other  use  ;  and  that  the  idea  of  a  general  Insurance 
Company  had  been  suggested,  and  appeared  to  meet  with 
public  approbation."  Upon  this  a  committee  was  unani- 
mously directed  to  be  formed  "  to  devise,  digest,  and  report 
such  other  use,  or  uses,  as  they  shall  deem  eligible  and 
most  beneficial  to  the  Society  for  employing  the  Fund 
raised,"  and  Messrs.  Nesbitt,  Moylan,  Stewart,  Blodget, 
with  Alexander  James  Dallas,  Matthew  McConnell,  and 
Edward  Fox  were  appointed  such  committee.  This  direc- 
tion to  the  fund  may  fairly  be  laid  to  the  a  oice  of  Mr. 
Nesbitt,  who,  in  his  extended  experience  as  a  policyholder, 
and  also  as  an  underwriter  himself,  foresaw  the  great  possi- 
bilities of  a  large  association  engaging  in  the  business  of 
underwriting  the  ventures  of  our  citizens  in  the  growing 
commerce  of  the  port ;  and  to  him  we  shall  see  was  com- 
mitted the  first  presidency  of  this  wise  effort. 

To  the  adjourned  meeting,  held  at  the  same  place  on  12 
November,  this  committee  reported  "that  in  their  opinion 


12  A  HISTORY  OF  THE 

it  will  be  for  the  interest  of  the  concerned  to  change  The 
Universal  Tontine  into  a  general  Insnrance  Company,  and 
submitted  a  plan  for  that  purpose  to  the  consideration  of 
the  meeting,"  and  this  plan  being  read,  it  was  unanimously 
resolved,  "  That  The  Universal  Tontine  Association  be  and 
it  is  hereby  changed  from  its  oiiginal  objects  and  converted 
into  a  society  to  be  called  The  Insuran^ce  Company  op 
North  America,"  and  the  Plan  was  referred  for  considera- 
tion in  detail  to  an  adjourned  meeting,  which  was  held  at 
the  same  place  on  Monday,  19  I*^ovember,  when  it  was 
unanimously  adopted. 

The  subscriptions  to  this  came  in  good  number,  and  by 
1  December  the  minimum  number  of  forty  thousand  shares 
were  taken,  when,  agreeable  to  Article  VII.  of  the  Plan, 
the  Secretary  called  a  meeting  for  the  10th,  at  the  same 
place,  for  the  election  of  fifteen  directors.  Mr.  Hazard 
received  these  subscriptions  at  his  new  house,  wdiich  he 
had  recently  built  at  No.  145  (now  415)  Arch  street,  where 
also,  probably,  the  Tontine  subscriptions  had  been  received 
by  him.  At  this  meeting  General  Walter  Stewart  was 
appointed  Chairman,  and  Messrs.  Hazard,  Francis  Ingi-a- 
ham  and  Fox,  Tellers,  who  reported  the  election  of  the 
following  Directors: — 

Samuel  Blodget,  Jr.,  Jasper  Moylan, 

Joseph  Ball,  Charles  Pettit, 

Magnus  Miller,  Thomas  L.  Moore, 

Michael  Prager,  John  Ross, 

John  M.  Nesbitt,  Walter  Stewart, 

Matthew  McConnell,  William  Cramond, 


'^i^-uA^y^.yty 


TA 


•^l>Aj/    ^> 


t^^UZ^  t'^^^^-i.  i^-r/-iy>  t^  i-^ ^O'^'T't, 


<aAx^< 


/!^^^t^,  :jvk^,./, 


t~LL.<iJ  £/>^ 


First  page  of  Minutes  of  the  Boakd,  written  by  Mr.  Hazard. 


INSURANCE  COMPANY  OF  NORTH  AMERICA.        13 

Joh:n^  Leamy,  JoHi^f  Barcla^y, 

John  Swan  wick, 

who  are  named  in  this  order  according  to  the  number  of 
their  votes  respectively. 

Thus  was  formed  and  brought  into  existence  THE 
INSURANCE  COMPANY  OF  NORTH  AMERICA, 
in  the  same  room  where  was  transacted,  sixteen  years 
before,  that  memorable  scene  which  forever  names  it 
Independence  Hall  ;  and  the  Directors  at  once  took 
steps  to  form  their  plans  under  the  eighth  of  their  Articles 
of  Association,  "To  make  such  Insurances  upon  Vessels 
and  Merchandize  at  Sea,  or  going  to  Sea,  or  upon  the  life 
or  lives  of  any  person  or  persons,  or  upon  any  goods,  wares, 
merchandize,  or  other  property  gone  or  going  by  land  or 
water ;  and  at  such  Rates  of  Insurance  or  Premium  as 
they  shall  deem  advisable." 


14  A  HISTORY  OF  THE 


n. 

EARLY  MARINE  UXDERWRITING  IX  PHILADELPHIA. 

THIS  first  attem]3t  to  establish  a  corporate  associa- 
tion for  effecting  marine  assurances  in  Philadelphia 
merits  some  notice  of  the  conduct  of  that  business 
in  the  earUer  years  of  the  cit^^'s  history.  Resort  "was  had 
by  the  early  shippers  to  the  private  underwriters  of  Great 
Britain,  and  early  mention  of  London  underwriting  for 
American  interests  is  found  in  the  Penn  and  Logan  Corres- 
pondence, though  William  Penn's  scruples  as  to  insuring 
his  property  often  prevailed.  James  Logan  writes  him  in 
1701 :  ""  ^N'otwithstanding  thy  tenderness  about  insurance, 
I  hope  there  is  some  made." — i.  80.  But  Penn's  tenderness 
seemed  to  prevail  only  when  a  promising  risk  was  de- 
spatched. He  writes  Logan,  6  September,  1702:  "I  shall 
be  glad  if  this  dull  sailer  [Cantico]  gets  as  safely  as  the 
Hopewell.  I  am  tender  as  to  insurance,  and  did  nothing  in 
it  for  the  Hopewell. "^ — i.  133.  He  seems  to  have  been 
tender,  also,  as  to  the  credit  of  the  underwriters,  doubtless 
deeming  but  little  dependence  would  be  placed  upon  a 
business  which  might  not  have  the  sanction  of  Heaven. 
He  writes  10  February,  1705,  to  Logan :  ''  J.  Askew 
ensured  £100  upon  thy  letter,  but  the  ensurer  broke,  and 
the  twenty  guineas  lost.  This  done  upon  the  former  inti- 
mations.    Ensurers  fail  much." — i.  353. 


INSURANCE  COMPANY  OF  NORTH  AMERICA.         15 

In  1721  Mr.  John  Copson  opens  an  office  or  agency  for 
the  procuring  of  home  insurances  from  local  capitalists,  and 
in  the  A.merican  Weekly  Mercury  of  25  May,  1721,  he  adver- 
tises his  plan  as  follows  :  — 

"Assurances  from  Lojfes  happening  at  Sea,  ^ .,  being  found  to  be  very 
much  for  the  Ease  and  Benefit  of  the  Merchants  and  Traders  in  general ; 
and  whereas  the  Merchants  of  this  City  of  Philadelphia  and  other  Parts 
have  heen  obliged  to  send  to  London  for  such  AJfurance,  which  has  not  only 
been  tedious  and  troublefome,  but  even  i/ery  precarious.  For  remedying  of 
which.  An  Office  of  Publick  Infurance  on  Veffels,  Goods  and  Merchan- 
dizes, will,  on  Monday  next,  be  Opened,  and  Books  kept  by  John  Copfon  of 
this  city,  at  his  Houfe  in  the  High  Street,  where  all  Perfons  willing  to  be 
Infured  may  apply :  And  Care  Jhall  be  taken  by  the  faid  J.  Copfon  That 
the  Affurers  or  Under  Writers  be  Perfons  of  undoubted  Worth  and  Repu- 
tation, and  of  confiderable  Inter efi  in  this  City  and  Province. ^^ 

It  was  within  a  few  years  of  this  announcement  that 
there  was  published,  in  1725,  in  Philadelphia,  by  S.  Keimer, 
the  first  book  in  America  in  which  reference  is  made  to 
insurance ;  it  was  pi'inted  by  Benjamin  Franklin,  and  its 
interest  increases  from  the  fact  it  was  the  first  book  printed 
by  him.  It  was  Franklin  who  was,  in  1752,  greatly  instru- 
mental in  establishing  the  first  insurance  company  on  the 
continent.  The  Philadelphia  Contributionship  for  the  In- 
surance of  Houses  from  Loss  by  Fire.  The  author  of  this 
early  work  was  Francis  Rawle,  the  founder  in  America  of 
the  family  of  that  name,  and  was  entitled  Ways  and  Means 
for  the  Inliahitants  of  Delaware  to  hecome  Rich.,  and  in  it 
he  classes  insurance  as  a  branch  of  trade,  which,  while 
helpful  to  the  adventurer  on  risks  by  sea,  would  as  weW  be 
promotive  of  commerce  and  agriculture.  But  Mr.  Pawle's 
paragraph  so  well  expresses  the  benefits  of  insurance  that 


16  A  ///STORY  OF  THE 

he  is  entitled  to  the  insertion  here  of  his  own  argument, 
whieli  cannot  \w  improved  on  in  the  language  of  to-day,  in 
ehowinof  that  insurance  is.  in  ti-uth,  the  foundation  of  all 
solid  business  enterprise  : — 

"  Having  thus  far  difcours'd  of  moll  of  the  Branches  of  Trade  we  are 
capable  of,  there  is  yet  one  great  Encouragement,  to  adventure  in  the 
Difcoverv  and  Profecution  of  new  Markets ;  more  safe  to  the  induftrious 
Adventurer;  namelv  an  Infurance-Ofice  in  one  or  more  of  thefe  Colo- 
nies ;  which  is  the  interelling  of  divers  in  the  Lofs  or  Profit  of  a  Voyage, 
and  is  now  become  so  much  the  Practice  of  England ,  that  Infurance  may 
be  had  in  divers  Cafes  as  well  againft  the  Hazards  at  Land,  as  Cafualties 
at  Sea,  which  mull  be  acknowledged  not  only  to  be  fafe,  but  a  great 
Encouragement  to  adventure  ;  for  it  may  fo  happen  that  a  Perfon  may 
fometime  adventure  his  ALL,  and  then  in  case  of  a  Lofs  he  may  be 
rendered  uncapable  of  a  future  Trade,  to  the  Difadvantage  of  the  publick, 
and  (it  may  be)  to  the  Ruin  of  himfelf ;  whereas  could  he  get  a  part 
of  his  Intereft  either  of  Ship  or  Cargo  infured,  (tho'  in  Cafe  of  fafe 
Arrival  he  parts  with  a  part  of  his  Profit,  yet)  in  Cafe  of  lofs,  he  is 
fecur'd  of  fuch  part  as  he  infureth,  which  may  be  lufHcient  Bottom  to 
begin  a  new  Adventure  :  How  far  this  may  conduce  to  the  Trade  of  this 
River,  is  obvious  to  any  Man  of  Thought.  Now  whereas  there  has  been 
fome  Attempts  made  at  Philadelphia^  which  dropt  and  prov'd  abortive, 
(for  what  Reasons  we  never  could  learn)  we  humbly  propofe  to  the 
Legiflature  that  an  Office  be  erected  and  supported  by  a  Fund  arifing  out 
of  the  Interell  of  the  Loan-Office.  This  will  be  a  good  and  fafe  Bottom, 
and  cannot  be  eafily  overfet  by  a  few  lofles ;  and  we  conceive  will  con- 
tribute to  keep  up  the  \'alue  of  our  Paper-Credit  by  promoting  of  Trade, 
Navigation  and  Building  of  Ships,  and  in  Confequence,  of  great  Advantage 
to  this  River  :    Which  we  refer  to  the  Confideration  of  the  Merchant." 

—pp.  62-63. 

From  the  date  of  Mr.  Copson's  opening  an  office  in  1721, 
of  the  operations  of  which  we  are  without  any  particulars, 
and  which  may  have  been  included  by  Mr.  Rawle  among 
those  "attempts  made  at  Philadeli)hia,  which  dropt  and 
prov'd  abortive;"  many  years  elapse  before  we  have  record 
of  another  Insurance  Office.     We  find,  however,  from  the 


WiiereasG;^^^-^- 

vvtllin    •Ky    irm  Nimt,  it  for  mJ  in  ificKame  and  Namn  of  ill  ald**^  oher  Pcrfon  orPerfont,  to  wliora  tKefime  tob.mav  oHhallappcr^,  IjPaBqr  InilT, 
4«l>  nuke  AlTunnce,  inJ  nufcih     i»t^>*«L«^--'anil  them  and  cvcrj  of  ihcm  10  ie  infured,  loft  or  not  loft,  «  and  from  JTiitvCt-it^i^^iJ  Gi  UJACCi^ft^Hy 

/rT^til.ti^^Vi2<^^^,- . : , 


•m  all  Kin2f  of  lavful  Coodi 
Whereof  i*  Miner  for  ihii  prefcnt  VoTagt 


nd  tlerchandlfel,  loadcn  or  to  be  loadoi  alwarjl  the  good  ^^  ^  ^  — ->_        ^  .  ^  .  ,        , , 

^ f-f^e/it/t^xy ^O or  whofoeter  elle  (hall  go  for  Mafteflk 

the  bill  (hip,  or  bj  uhalfoirier  other  Name  or  Name!  the  fa!d  Ship,  or  the  Mafter  tliccof, j»,or  flull  be  named  or  called, beginning  the  Adventure  upon  the  faid  lawful  Good* 

and  Merchandifa  from  and  immediately  following  the  Ij)adinR  thereof  on  board  l|(e  (aid  iyj-ti^  '^  ^tn/^^r-iyO'M^  . .  iforefaid,  and  fo  (hall  cominlia 

uhI  endure  until  the  faid  Goods  and  Mcrchandifes  (lull  be  fafcly  landed  at  ^itMi^<^y&^-<^tT'Y%y<yC'l'<6U'^^^ftyi.^>U9 


by  Slref»  of  Weather,  or  other  unavoidable  Accident,  without  I'rcjudicc  10  this  Iiiruraice.     Touching  the  Adventures  and  Perils, ...  ..-  ...-  ... 

•nd  to  ukc  upon  u<  in  lliii  Voyage,  they  are,  of  the  Sim,  hfcn  e/  War,  Fim,  Enmin,  fircin,  Rnxri,  Tliinti,  Jtllifmi,  Leilers  »/ Mart,  end  Cmnlcr  Man,  Sarfrifab^  ^"'/"S 
r  Stm,  ArrtjU,  Rtftrainlt  aid  Dtlaiamiitl,,  ef  all  Kinri,  Priiirri  »r  Pntir,  e/viliat  Nalim,  Ccndilion  tr  S^ialily  finer- Barratry  cf  the  Maficr  and  Mariniri, 'zni  all^jther  Penis, 
■---  -     ■    ■'  ■ "  ,.,..„      .-^    .;■'   ,      difes  or  any  Part  thereof,  t  And  in  cafe  of  any  Lol.  or  MiC 


Loflcs  and  Slitforiuncs,  that  have  or  (lull  i 


fortu 


Hurl,  Dctri 


-  Damage  of  the  faid  Goods  c 


chandif 


otbtlk - , .  , 

s,  it  lliall  be  U»  ful  to  and  for  the  AlTured,  %<^    Pacliirs,  Servants  and  Aifigni,  to  fuc,  labour  and  travel  for,  in  and  about  the  Defence,  Safeguard  and  Recovery  of  lh< 

■        ■     —  .         -        .      .-  .       e  according  to  the  Ratf 


laid  Goods  and  Mcrchandifes,  or  any  Pan  thereof,  without  Prejudice  to  this  Infurance,  to  the  Charges  whereof  we  the  AtTurers  will  contribute,  each  c  ^  , 

■BdQuanlily  ofhis  Sum  herein  infured.  And  it  is  agreed  by  us  the  Alfurers,  that  this  Writing  or  Policy  of  Infurance  (lullbe  of  as  mochForceandElfea  a>  the  furcft  Wrih 
orl'olicy  of  AITarance  heretofore  made  in  any  of  the  Unite  d  Stat/s/oj  elfcwhcre.  »  And  fo  we  the  AITurcrs  are  contented,  and  do  promife  and  bip^  ourfclves,  eadl 
•  Kir  his  own  Part,  our  Heirs,  Executors  and  Goods,  tothc  Aftured,  tC^    Ejtecmors.  Adrainiftrators  and  Afligns,  for  the  true  IJaforraailye  of  thc,?fOT^,  eonfeflillf 


1  Part, 
•uifdvcj  paid  the  Confideration  due  i 


I  for  the  Aflurance,  by  the  faid  A(rured,oir  %k^  \  Ailigns,  at  andafter  the  R 


Ani  IS  rafe  of  LoR,  the  AlTured  is  to  abate  7"^  T  iiii  V<  ftr  Ctnt.  m\  fiiihl  nrnii  t<  pil  I  in  Tlmis  TTinllmfirrPi  inrihiriif  And  it  It  agreed,  that  if  anv  Difpuie  SuSuH 
•rife  relating  to  the  Lofsonihis  Policy,  it  (hall  be  referred  to  two  indilfcrcnt  Perfons,  one  tobechofcn  by  the  AITurcd,  the  other  by  the  A(rurer  or  Affurers,  who  (hall  hlVe  fiiU 
Pt^vrer.lo  adjuft  the  Cwnei.but  in  cafe  they  cannot  agree,  then  fuch  two  Perfons  Ihall  chufe  a  ihirdj  and  any  Two  of  them  agrecing^all  be  obUgatory  to  boi^  Parties, 

li»  WiTKCji  wiitRror;  V>'F.  the  ^yTurersbaiofjibfctibcd  our  Names  and  Sums  alTurcd ,' in  W/iiAJpiiir,  the  4**T««/<y  t^^-tS*.^^  Dajf  of  e---WK''f^^     ^ 
Oa«.ThoufandSe\en  Hundred  and ,/yii>.,^jS7/%^«X<^-:;:::::^  '  ''^ ' 

Memonndnm.    Sail, }\Txat,^nlim  Cera,  Pcajr;  Mali,  mJificJ  FiJhJIcxixd  iit'Sull,  and  Tihatn  in  Cajli,  trt  warranlcl  frii  fnm  /fvrra^t,  lailr/i  ^nuriK.  jtStthir 

Cttdi/rct  frem  ji\tra^e  undir  Five  Pounds  per  Cent,  itnlrfi  ftacral. 
fir  AJfmrtdfMll  allm  ilx  OJiit-tnftr  tr  lirUir  I  lalf  per  Cent,  fir  bit  Trtuhliln  ctlliHinf  any  Zcfi  iBal  may  hafpm  m  tbn  Piliry, payJnt  lie/ame  in  dut  Time,  mirtfjiermg  9 
^  1.  lltOffitr^tij.  Aadin  allCafii  cfKilurn  Premium,  Five  per  Cent,  tnfiiid  Prmitm  Is  be  retained,  fmidtd  Ibat  in  m  Cafe  it  be  uil</njan  Half  per  Cent  m  the  Sumfub/eribeJ^ 
tni  nutaalh  agreed  by  tbe  Partiej.tt  ibis  Pcliey,  tbaltio  Part  tf  tbe  Premium  Jhall  be  returned  nr  abated,  9n  acecuiu  •fanj  Deviation  xubttb  Jljall  be  made  by  tbe  Ovine  n  or  tbeit 
^lf*n,/rui  tbe  frefeni Vtyaxe^ 
tCtHfilfct  from  anj  ChirgeJOamaje,  or  toB,  which  mayaiiETn  confequcnn  oTa  Seizure  or  Dcieslion  of  the  Propcrtj  for,  or  onaccouni  of  illicit  or  prohibited  Trade. 

cS^Vte,  i/n^ut^^  e4-A4Ui*v^ /h^/i/^^^^  ^oa^iAy  /Pi^  ey^^zz^-cca.^-^^^!, 


Q^^^^fe 


T 


iAUi. 


A^^^?ot> 


Eaklv  Maf;i.nk  PtPi.icY  of  thk  I.nsurancf.  Oimpany  of  North  Amkuica,  1793. 


INSURANCE  COMPANY  OF  NORTH  AMERICA.         17 

MS.  journal  of  the  Hon.  John  Smith,  the  originator  in  1752 
of  the  Philadelphia  Contribiitionship,  that  local  under- 
writing was  resorted  to  by  the  merchants  in  his  day.  On 
13  June,  1746,  he  wa-ites  he  'Svas  busy  with  the  insurers  of 
the  sloop,  but  could  not  get  them  to  settle  till  they  see 
whether  they  shall  have  her  or  not."  And  on  1  December, 
1749,  "William  Callender  and  I  were  at  the  Insurance  office 
in  the  morning  about  business";  and  we  see  that  he  himself 
begins  to  underwn-ite,  for  on  10  IS'ovember,  1750,  he  records 
he  "  was  at  the  Insurance  office,  and  began  to  underwrite." 
This  was  the  insurance  office  of  Mr.  Joseph  Saunders, 
which  at  this  time  was  located  on  Reese  Meredith's  or 
Carpenter's  Wharf.  This  is,  in  fact,  the  first  one  of  whose 
operations  we  know  anything,  and  which  was  the  forerunner 
of  others  wdiich  became  equally  well  known.  Mr.  Joseph 
Saunders  was  an  eminent  citizen  and  prominent  member  of 
the  Society  of  Friends,  who  began  issuing  his  policies,  all 
prefaced  by  the  invocation,  "In  the  :N'ame  of  GOD,  Amen," 
at  his  store  on  Reese  Meredith's  Wharf,  above  Walnut 
street  {Pennsylvania  Gazette,  28  July,  1748).  In  1752  we 
find  he 

"  IS  remov'd  from  his  late  store  on  Reese  Meredith's  or  Carpenter's 
Wharf  to  the  Houfe  wherein  Ifrael  P  ember  ton,  the  Elder,  lately  Jiv'd,  in 
Water-Street,  the  next  door  to  James  Pemberton's,  at  the  Corner  going 
down  to  Chellnut-Street  Wharf,  where  he  continues  to  fell,"  &c.,  &c. 

Pemia  Joarnal,  10  March,  1752. 

Within  a  few  months  he  advertises : 

"Notice    is   hereby   given.   That   the   INSURANCE   OFFICE  for 

Shiping    and   Houfes   is   kept    by  Jofeph   Saunders  at  his   Houfe,   where 

Ifrael   Pemberton,  fen.,  lately  lived,  near  the  Queen's  Head  in  Water- 

llreet." 

Penii'a  Journal,  2;")  June,  17o2. 


18  A  HISTORY  OF  THE 

This  was  the  tirst  office  of  the  Philadelphia  Contribu- 
tionship,  Joseph  Saunders  being  the  fii'st  Clerk  of  that 
association,  which  had  been  organized  the  j^i'evious  April, 
wherein  he  was  succeeded  in  1754:  by  Robert  Owen.  This 
is  the  first  Fire  Insurance  advertisement  published  in  Phila- 
delphia. 

In  175G  we  find  him 

"  Remov'd  to  the  corner  of  Chefnut  and  Water-llreets,  the  next  door 
but  one  to  where  he  formerly  liv'd." 

Pi'wniojlntnin  Gazetti'.  10  October,  1754. 

To  a  later  advei'tisement  he  adds  a  postscript : 

"  N.  B The   Insurance    Office   for  Shipping   is   Kept   by    him  as 

ufual." 

Pennsylrania  Gazette,  8  July,  1756. 

He  again  moves  four  years  later : 

"JOSEPH  SAUNDERS  is  removed  from  his  late  Dwelling,  near 
Cheilnut-llreet  WharfF,  higher  up  Chellnut-llreet,  between  Front  and 
Second-llreets,  and  next  Door,  but  one,  to  John  Reily's,*  where  he  con- 
tinues to  fell  fundry  Sorts  of  Goods,  and  Keeps  an  Infurance  office  for 
Shipping,  as  ufual,  and  hopes  his  Friends  who  have  been  pleafed  to  em- 
ploy him  in  that  Way  will  ilill  continue  their  Favours." 

PenvHylvanid  Gazette,  23  October,  1760. 

This  office  was  on  the  south  side  of  Chestnut,t  about  six 

*  This  gentleman  undertook  to  insure  lottery  tickets,  as  was  done  some  years 
later  by  the  clients  of  Kidd  and  Bradford.  To  an  advertisement  of  St.  Paul's 
Church  Tvottery  there  is  added: — - 

N.B.  John  Reily,  of  this  City,  Conveyancer,  will  infure  Tickets  in 
this  Lottery  at  a  very  low  Premium." 

Petnisi/lratiia  Gazette,  29  Jaiuiary,  1761. 

f  See  the  advertisement  of  "M.  Symonds  in  Piinixiilvania  Chronicle,  2  May, 
1768,  of  a 

"  Removal  to  the  new  shop  in  Chellnut  street,  the  fixth  door  from 
Second  Street,  nearly  opposite  to   Mr.  Joseph  Saunders,  merchant." 


INSURANCE  COMPANY  OF  NORTH  AMERICA.        19 

or   seven  doors    east  of  Second    street,  and  we  find  him 
advertising  here  up  to  1768/=' 

The  next  office  we  find  is  that  of  Thomas  Wharton, 

''  On  Carpenter's  wharf,  where  Jofeph  Saunders  lately  kept:" 

«  N.  B The  Infurance  Office  is  there  as  formerly." 

Pennsylvania  Gazette,  7  May,  1752. 

This  announcement  of  Mr.  Wharton's  enterprise  led  to 
Mr.  Saunders's  advertisement  of  the  following  June,  above 
quoted,  by  which  he  sought  to  remind  his  friends  that  he 
yet  continued  his  insurances  in  his  new  quarters.  He  had 
not  before  this  competition  arose  advertised  his  insurance 


*  This  worthy  citizen  was  born  8  January,  1712-13,  at  Farnham  Heath,  in 
the  parish  of  Farnham  Royal,  County  of  Bucks,  the  third  child  of  Joseph  and 
Susannah  Saunders,  and  brought  a  certiticate  from  Friends'  Meeting  in  London, 
12  February,  1733,  to  Philadelphia  Yearly  Meeting.  He  married  Hannah, 
daughter  of  John  Reeve,  of  Philadelphia,  8  January,  1741,  and  died  26  January, 
1792.  Of  his  large  family  of  children  but  seven  married,  and  his  descendants 
find  representatives  in  many  of  the  prominent  families  of  Philadelphia  at  this 
day.  His  son  John  married  Mary  Pancoast,  and  of  his  daughters,  Sarah  married 
William  Redwood,  Susannah  married  William  Hartshorne,  Mary  married 
Thomas  Morris,  Hannah  married  Mordecai  Lewis,  Rachel  married  Joseph 
Crookshank,  and  Lydia  married  Samuel  Coates.  The  earliest  policy  from  his 
office  now  known  to  exist  was  issued  to  John  Kidd,  and  underwritten  by  John 
Mifflin,  Archibald  McCall,  Samuel  McCall,  junior,  and  Augustus  Hicks,  in  the 
amount  of  £450,  on  Goods  from  Philadelphia  to  London,  at  four  per  cent.,  bears 
date  25  April,  1749  (o.s.),  and  is  endorsed  by  him,  "Reg*  in  Book  B,  fol.  83,"  by 
which  we  can  approximate  to  the  beginnings  of  his  insurances.  A  policy  of  his, 
dated  27  May,  1761,  conforms  to  the  new  style,  and  omits  the  "  In  the  Name  of 
GOD,  Amen,"  which  phrase  had  been  omitted  by  Thomas  Wharton  in  the 
policies  issued  by  him.  They  still  retain  the  phrases,  however,  "Whereof  is 
Master,  under  GOD,  for  this  present  voyage,"  &c.,  Sac.  It  was  to  Mr.  Saunders's 
office  that  Colonel  Thomas  White  refers  in  the  following  letter  to  his  friend  Mr. 
Thomas  Harrison,  of  Baltimore  County,  written  24  April,  1755:— "On  my 
coming  to  Town  I  went  to  ye  assureance  office  and  ordered  yr  Policies  to  be 
made  out,  but  could  get  only  ye  75£  on  ye  Brig  Philip  &  James  undcrwrit;  they 
having  already  fully  ventured  on  ye  other  vessel;  the  reason  is,  that  very  few 
will  underwrite  on  a  vessel  from  Maryland.  Mr.  Meredith  has  signed  for  ye 
above  75£  in  Goods  at  3.}  p  ct  so  yt  I  paid  £2.  17.  6." 


20  A  HISTORY  OF  THE 

office  ;  his  assiiinino-  the  Clerkship  of  the  Contributioiiship 
at  this  time  doubtless  led  to  the  belief  he  would  relinquish 
his  marine  insurance.  Mr.  Wharton's  business  gi-ew  slowly, 
for  a  policy  of  his  to  Thomas  Riche,  underwritten  by  John 
Baynton,  on  Goods  from  Philadelphia  to  Antigua,  at  ten 
per  cent.,  dated  25  October,  1756,  is  registered  in  his 
'*  Book  B,  fol.  (34."  In  his  advertisements  for  many  years 
he  continues  his  notice  of  an  Insurance  Office.  In  1765  he 
associates  with  him  his  son.  and  the  firm  is  Thomas  and 
Isaac  AVharton : 

"  N.  B. — An  Infurance  Office  for  Shipping  is  Kept  by  them." 

Pennsylvania  Gazettf,  30  October.  1766. 

The  latter,  in  1781,  associates  with  him  his  kinsman, 
Samuel  Lewis  AVharton,  and  their  Register  of  Policies 
begins  this  year.  Subsequently  Ave  lind  Isaac  Wharton 
and  David  Lewis  as  Insurance  Brokers  at  115  south  Front 
street,  the  latter  jrcntleman  afterwards  beino;  President  of 
the  Phoenix  Insurance  Company,  and  his  son  and  grandson 
were  successive!}'  Treasurei's  of  The  Mutual  Assurance 
Company.  In  1819  we  find  their  successors.  Thomas  and 
John  AVharton.  "  Insurance  Brokers,"'  tenants  of  The  In- 
surance Comi)any  of  Xortli  America,  on  the  Dock  street 
front  of  their  i)roperty. 

In  1756  Mr.  Walter  Shee  opened  an  office,  and  advertises: 

"  NOTICE  is  hereby  given,  that  Walter  Shee,  in  Front  llreet,  at 
the  corner  of  Chertnut-llreet,  in  Philadelphia,  hath  opened  an  office  for 
the  infurance  of  (hips,  and  merchandize.  All  perfons  who  want  to  have 
infurance  made,  may  apply  at  faid  office,  where  all  risks  will  be  under- 
wrote." 

Fennsylvania  Gazette,  23  .September,  1756. 


INSURANCE  COMPANY  OF  NORTH  AMERICA.        21 

Mr.  Shee  was  the  third  on  the  list  of  the  tirst  signers  of 
the  Hibernia  Fire  Company,  20  February,  1752. 

A  policy  issued  by  him  on  15  May,  1758,  to  Thomas 
Riche,  on  Merchandise  from  St.  Christopher's  to  Philadel- 
phia, at  ten  per  cent.,  underwritten  by  William  Moore,  is 
registered  by  him  in  his  "  Book  B,  fol.  62,"  from  which  Ave 
may  estimate  the  growth  of  his  business.  In  1760  he  in- 
forms the  public : 

"  N.  B. — The  Infurance  Office  for  Shipping  and  Merchandize  is  kept 

by  him  as  ufual." 

PoDiKj/lviniiit  Gazette,  G  March,  17()0. 

He  subsequently  associates  with  himself  his  brother, 
Bertles  Shee : 

"  NOW  opening  at  their   ftore   in   Front   Street,   five   doors   from   the 
corner   of  Cheftnut-ilreet. 

"WALTER  AND  BERTLES  SHEE." 

"  N.  B. — The    Infurance    office    for   Shipping    continued    by   them   as 

ufual." 

Penn^}llv(i)il((  (idtelte,  2<)  Septonil)or,  L()5. 

"At  their  llore  in  Second  ilreet,  nearly  opposite  the  Golden   Fleece 

Tavern." 

PortixijlrdYiia  Gazeffe,  7  May,  17(>7. 

Following  these,  next  came  the  office  of  Kidd  and  Brad- 
ford, located  at  Colonel  Bradford's  store  in  the  Old  London 
Coffee  House,  that  ancient  building  at  the  southwest  corner 
Front  and  Market  streets,  which  remained  intact  up  to 
1883,  and  was  announced  by  the  following  advertisement : 

Philadelphia,  8  April. 
NOTICE   is  hereby  given  that  on  Monday  next  an  INSURANCE 
OFFICE  for  INSURING  Shipping,  and  Merchandize  will  be  opened  at 


22  A  HISTORY  OF  THE 

the  London  Coffee  Houfe,  where  Risks  in  general  will  be  underwrote,  and 
all  Perfons  may  have  their  Infurance  made  with  Care  and  Expedition  by 

JOHN  KIDD 
and 
WILLIAM  BRADFORD. 
Penn-vilvania  Journal.  Tuesday.  8  .Vpril.  1762. 

Colonel  Bradford's  paper,  the  Journal,  in  its  issue  of  the 
following  week  advertised : 

''The  Philadelphia  INSURANCE  OFFICE  is  now  opened  adjoining 
the  London  Coffee  House,  for  INSURING  Shipping  and  Merchandize, 
where  Risks  in  general  will  be  underwrote,  &:c."* 

But  prior  to  Kidd  and  Bradford's  office,  a  I^ew  York 
broker  had  sought  for  Philadelphia  business,  for  Mr. 
Anthony  Van  Dam  advertises  his  office  in  the  Pennsyl- 
vania  Gazette,  13  September,  1759,  as  follows : 

"  The  New  York  Insurance  Office  is  opened  at  the  Houfe  of  the 
Widow  Smith,  adjoining  the  Merchants'  Coffee  Houfe  :  where  all  Rifles 
are  underwrote  at  moderate  Premiums.  Constant  Attendance  will  be 
given  from  the  Hours  of  Eleven  to  One  in  the  Forenoon,  and  from  Six 
to  Eight  in  the  Evening,  by  Anthony  Van  Dam,  Clerk  of  the  Office." 

Mr.  Tan  Dam  was  a  citizen  of  ^NTew  York,  eminent  in 
business  and  social  circles,  one  of  the  incorporators  of  the 
IN^ew  York  Chamber  of  Commerce  under  its  chartei"  of 
1770,  and  its  first  Secretary,  who,  espousing  the  British 
side  in  the  Revolution,  went  to  England  after  its  close. 
There  were  other  insurance  Offices  in  Xew  York  at  the 
same  period,  but  Mr.  Van  Dam  alone  extended  his  opera- 
tions to  this  city.  The  site  of  his  office  is  believed. to  be 
the  modern  93  Wall  street. 

*Col.  Bradford's  eminent  and  useful  career  is  faithfully  portrayed  in  An  Old 
PhilaiMphifin,  Colonel  William  Bradford.  The  Patriot  Printer  o/1776,  Sketches  of  his 
Life,  by  his  descendant  John  William  Wallace,  Esquire,  Philadelphia,  1884. 


INSURANCE  COMPANY  OF  NORTH  AMERICA.        23 

Thus  much  for  the  early  Brokers  and  their  Insurance 
Offices.  We  now  note  the  beginnings  of  associated  under- 
writing. In  the  year  1757  certain  merchants— namely, 
Thomas  Willing,  Attwood  Shute,  Charles  Stedman,  Alex- 
ander Stedman,  John  Kidd,  and  AYilliam  Coxe  entered  into 
Articles  of  Agreement,  undei'  date  of  8  October,  "  under 
the  name  and  style  of  Thomas  Willing  and  Company,"  for 
the  purpose  of  underwriting  policies  of  marine  insurance. 
Their  preamble  recites,  "Whereas  the  Insurance  of  Vessels 
and  Merchandize  has  proved  a  great  Encouragement  to 
Trades,  and  that  by  Companies  is  most  secure  to  the 
Insured.  Therefore  to  establish  a  Company  for  insuring 
Ships,  Vessels,  Goods  and  Merchandise  on  reasonable 
terms,"  &c.,  tfec.  They  were  not  to  write  more  than  £600, 
lawful  money  of  Pennsylvania,  nor  less  than  £50,  on  any 
one  risk,  and  a  regular  set  of  books  were  to  be  opened. 
Thomas  Willing  was  to  be  the  cashier,  and  the  books  kept 
"  in  the  Counting  House  of  the  said  Thomas  Willing,  in 
Front-Street."  Each  partner  had  one-sixth  interest.  New 
Articles  of  Agreement  were  made  20  October,  1758,  by  the 
same  parties,  excepting  Mr.  Shute,  whose  place  was  taken 
by  Robert  Morris,  the  same  name  and  style  continuing. 
N^o  funds  were  put  up  by  the  partners,  and  the  "Company" 
issued  its  policies  simply  upon  the  united  credit  of  its 
partners,  which  assuredly  made  a  strong  guarantee  of 
indemnity. 

This  effort  evidenced  that  the  practice  of  individual 
underwriting  was  growing  here,  and  indeed,  probably, 
invited  it  among  those  of  our  merchants  whose  surplus 
wealth  was  increasnig.     How  long  "Thomas  Willing  and 


24  A  HISTORY  OF  THE 

Company"  continued  to  underwrite  policies  cannot  now  be 
ascertained ;  but  as  their  agreements  both  of  17o7  and 
1758  were  but  for  a  twelvemonth  each,  no  renewal  may 
have  been  had  in  1759. 

On  20  April,  1762,  Mr.  John  Kidd  and  Colonel  John 
Xixon  established  a  like  ''Company,"  which  at  its  expira- 
tion the  following  year  was  rencAved  ibr  another  twelve- 
month. Kidd  and  Nixon's  subscriptions  to  policies,  wdiich 
were  made  by  Colonel  Nixon  individuall}^  were  not  to 
"underwrite  more  than  two  hundred  pounds  lawfull  money 
of  Pennsylvania  upon  any  one  bottom  oi"  risque  whatever." 

Merchants  procured  their  insurances  from  the  individual 
underwriters,  through  the  instrumentality  of  the  brokers, 
at  whose  offices  risks  were  offered  and  terms  arranged,  and 
who  secured  the  policy  from  those  of  their  clients,  either 
individual  or  associated,  who  were  willing  to  underwrite 
the  applicant.  This  class  of  gentlemen,  which  had  grown 
in  importance,  in  a  few  years  claimed  some  compensation 
over  and  above  that  which  might  accrue  upon  the  adjust- 
ment of  losses,  and  we  see  thus  earh^  the  beginning  of  the 
commission  question. 

On  12  February,  1762,  we  find  there  was  a  meeting  held 
of  sundiy  of  our  local  underwriters — namely,  Henry  Harri- 
son, Peter  Reeve,  Amos  Strettle,  Conyngham  and  Nesbitt, 
Scott  and  McMichael,  Samuel  Purviance,  John  AVilcocks, 
Willing,  Morris  and  Co.,  Samuel  Mifflin,  Child  and  Stiles, 
Thos.  and  AYm.  Lightfoot,  Abrani  Judah,  James  and 
Drinker,  Samuel  Oldman,  John  Mifflin,  Keed  and  Pettit, 
and  Aquila  Jones  to  discuss  this  broker  question,  and  they 
agreed : 


INSURANCE  COMPANY  OF  NORTH  AMERICA.        25 

•*  That  the  several  Brokers  in  whose  offices  they  shall  hereafter  sub- 
scribe Policies  shall  be  accountable  for  all  the  premiums  arising  from  such 
subscriptions  being  allowed  thereon  by  us  the  underwriters,  a  commission 
of  one  and  a  quarter  per  cent,  for  standing  the  Risques  of  such  premiums, 
collecting  and  paying  the  same  in  the  following  manner  : 

"  I.  That  such  Brokers  shall  settle  each  Underwriter's  Account  every 
three  Months,  and  pay  the  Ballance  due  thereon  exclusive  of  all  pre- 
miums arising  from  Policys  which  have  not  been  Subscribed  above  one 
month,  and  in  the  Intermediate  time  between  such  Settlements  shall  pay 
all  losses  due  from  us  out  of  the  Premiums  on  Policys  which  have  been 
underwrote  more  than  one  month,  or  so  far  as  such  subscriptions  extend." 

But  a  more  grievous  cause  of  complaint  gi-ew  up  in  the 
lowering'  of  the  rates  of  premiums,  for  as  individual  under- 
writing increased,  the  number  of  brokers'  offices  as  well 
increased,  and  competition  affected  the  standard  of  rates; 
and  in  this,  history  repeats  itself  in  our  modern  business. 
On  G  May,  1766,  a  meeting  of  nineteen  underwriters  was 
held,  who  signed  an  agreement,  which  thus  begins : 

"  The  Subscribers  hereunto  being  Convinced  by  sad  Experience  that 
the  premiums  of  Insurance  have  of  late  been  Inadequate  to  the  risques 
underwrote  in  this  Citv,  and  fearing  that  the  Consequence  ot  their  con- 
tinuing so  will  be  an  entire  loss  of  so  necessary  and  useful!  a  Branch  of 
Business,  as  most  of  the  present  Underwriters  are  determined  to  decline 
the  pursuit  of  it,  unless  some  regulations  of  the  premiums  are  made  and 
generally  agreed  to  :  Wherefore  we  and  each  of  us  promise  to  and  agree 
with  each  other  : 

"  I.  That  we  will  not  subscribe  our  names  to  any  Policy  or  Policies 
of  Assurance  at  any  less  premium  or  Rates  than  are  specified  in  the  List 
annexed  hereunto  signed  by  the  Brokers." 

"  5.  That  if  any  Persons  now  in  the  practise  of  Underwriting  in  this 
City  do  refuse  to  sign  and  agree  to  these  articles.  We  will  not  subscribe 
any  Policy  of  Assurance  to  Cover  any  Ship,  freight,  or  Goods  the  Prop- 
erty of  such  refusing  underwriters,  nor  any  other  Policy  which  the  said 
Refusing  Underwriters  may  have  signed." 

"9.  We  will  subscribe  no  Policy  but  what  comes  from  an  Office 
Keeper." 


26  A  HISTORY  OF  THE 

The  original  MS.  of  this  document,  signed  by  the  nine- 
teen merchiints,  shows  that  more  than  one-half  of  the 
subscribers  had  subsequently  erased  their  names,  and  so 
eft'ectually  in  some  instances  as  to  forbid  deciphering  them 
now.  Thus  Ave  may  presume  but  little  time  elapsed  before 
these  gentlemen  felt  themselves  too  restricted  by  the  agree- 
ment, and  withdrew  from  it  to  join  the  general  competition 
for  insurances. 

Mr.  Kidd,  one  of  the  partners  of  ''Thomas  Willing  and 
Company"  of  1T.17  and  1758,  subsequentl}'  engaged  in  the 
Insurance  Brokerage,  and  in  1762  associated  himself  with 
Col.  William  Bradford,  "the  patriot  printer  of  1776,"  and 
the  firm  of  Kidd  and  Bradford,  before  i-eferred  to,  main- 
tained their  marine  insurance  office  until  1768  or  later, 
Bradford  continuing  it  up  to  1776  in  his  own  name.  Colonel 
Bradford  left  behind  him  a  valuable  miscellaneous  collection 
of  MSS.  relating  to  politics  and  business,  and  it  is  among 
these  in  the  Pennsylvania  Historical  Society  that  we  find 
many  insurance  books  and  papers  of  his  forerunners  and  of 
his  own  office,  which  the  Society  has  arranged  with  intelli- 
gent care;  the  most  interesting  of  the  insurance  documents 
beinjr  the  Journal  of  his  own  inidei-writino:  accounts  from 
1768  to  1774. 

The  business  of  securing  and  placing  risks  among  the 
local  underwriters  must  have  steadily  grown  in  importance, 
for  among  the  Insurance  Brokers  of  Philadelphia  a  few 
years  later  we  find  in  addition  to  the  names  already  men- 
tioned those  of  X.  <fc  J.  Frazier,  at  Ko.  95  south  Front  street, 
afterwards  Xalbro  Frazier  at  I^o.  161  south  Second  street; 
Kobert  E.  Hobart,    who  had  an  office  at  the  City  Tavern 


«=^!WHEREAS 

as  wen  in  ^/wr 
-  ^     y  doih  Quke  AflUr 


A^  for  a^dtndie 


.  and  Kames  of  all  ahdwery  oilier  ■PfrTon  or  Perfons.  /o  wiom  ile^     ""^ 
andlhemandevcryoflhcmiobeiafured,  loflornotloft,  at  and    " 


4f:^  '^'^' 


*pon  ill  Kinds  of  lnvful  GocSs  and  Mmliandlleijloa^cn'o^fo  tc  loodm  aboard  dw  gooa 
•Wof  i!  Mailer  for  this  prefcnt  Voyage      --t'.t-i^^X;^.^^>"^' 


ill  M  nai 


opwTioroevcrcIfc  (hall  go  forManerIrt 

allcd,  beginning  the  Adventure  upon  the  laid  lawful  .Good! 

■— 'i     afoftfaid,  andfofliall.contuiufl 

touch  and  flay  at  any  Pom  or  Places;  jf  ihcreunto  obligcdT)? 
and  Perils,  which  wc  the  Aflurers  are  contented  to  bear.^ana 

«,.a.e«^no,in,hUVoya^.U.iyare,ofnK^.;^»^/^.,/^S^^ 


Ihe  faid  Ship,  or  by  »-ha.r<Uer  otherNairie  or  Names  the  f^ff  hip.  or  the  Ma(ler.lhereof>^r  ftaU  le  name. 

.nd  Merchiiiifes  from  and  immediately  foUooing  the  Loadfef  thereof  on  Ixard.lhe  fatd  UVt^  ^-  a<^- 

ntiltheCiidGoodsandMerchandifeslhallbefifclybndedat  /Ai^f,^^ — -— ■ 

.^■Tlforefaid."  And  it  thall  and  may  be  lawfiil  forthefaid  Ship  in  her  Vo;-age  to  proceed  and  fail 
ither.-  or  oiher  unavoidible  Atridcnt,  without  Prejudice  to  ihii  Infurancc.      fouchmj  the  Ad- 


efsofWe 


Misfonunes.  that  have  or  fhaO  come  io  the  Hurt,  Detriment  or  Damaje  of  the  f  id  Goods  or  Merchand.fcs, 
U»fiil  to  and  for  the  AlTured,-  ^.V    Factors.  Servants  and  AITlsns,  to  fue.  hbour  and  travel  for.  in  and  aboul 
ihandife<.orany  Part  thereof,  without  Prejudice 


Part t(ierebf.\  'And  in'cafe of anyLb{s'or Misfortunes,  itjhalrte 

e  Defence',  Safeguard  and  Recovery  of  the  faid  GdM^mdJWer* 

this  Infurance'm  the  Charges  .whereof  we  the  Afrurerswiirconrribme.eachone  according  to  thi>le  and  C^amiryof  hisSu  J 

.  ,     .'._.■■      _^  ..        I    iir     ,.T„  ,ku  wri,iU  orPolicvof  Infu'rance'lhall  be  of  as  miich  Force  arid  Effeft  as  ihaureft  Wnung  or  Policy,  of ADbranceheretA. 

herem  in'ured.  And  ,,  .sagreM  by  us  the^Alfurejs.that  'h'^^^n';^'?  °^''fte!.i"Jl™«^™^'^^°^^j:j,^  ourfelves.  wch^oneiforlhis  own' Pa,tW>!tf»Heil^ 


fere  mide  in  any  of  the  U.vtTED  Sr.^TE/or  elfewherc.     And  fo  ive  the  Airm  -  -  -  ^     . .  „    . 

Eieeuton  and  Goods,  to  the  AITured,  ^c^'    Executors.  Adminifiraiors  and  Altlgm  forthe  true  Perfol 
bsfortheAffiirance.  b/ the  liid  Affured.  or  ^^J  -    ^ITigns.  at-and  afietlhe  Rate  of 


lil^^^tifcflin^DUifelvcs  paid  *hftC"»^'^''ratiptffl'*^"ita 


And  in  cafe  of  Lots  the /Cured  i's  loabate  7™  fttirA^rC^'.  and  fucli  tofito  t*  pai'dlnone  -MonA'after  Proof  thereoK.  .AnruisagTwd.,  tBatJanyJinpoWftt^H^^ 

Tehtin,"  the  K  ■  on  this  l^c, .  i:  ftall  l^  re^^^^^^ 

Iwr  to  adjuH  the  £.me;  but  in  cafe  iliey  cannot  agree,  then  fuch  two  I'erlonslhall  cbufe  a3  bird;  and  any  Two  of  them  agreemg.  flMU=e.obligatcry  ToJ»lh  Parties. 

TyWiTSEss  wHE«Eot.  \VE  the  AOurers  have  fubfcriKd -ourTKames  and  Sums  arurea,.inPii;<iA//K«,-iie   Z^cC^  ■i/l'-y,^  piys,{'^^y.cc^  '  *^ 

One  Thluland  Seven  Hundred  and  Mnely-p^,l£;p^»—^  ^  *.  jrTT^ 

Memorandum.    Salt,  nttiit,  Indian  Corr.  T'^Jl..  Melt,  <,«Mhi FtfiJItrxJ U Nik,' mii  Tilccal  ft.  Cc]h,  in.tDttrrimtil frafrm  jivinst,  mUf,  ImttS.   JS[ tOff 

J?,  ^j;,r'j/! ;«  .//,a  .■i/05r->«/v.  or  B«;vr  I ialf  per  Ceni:  A  to  7«.W 

,A,  -iC-^  <«■..  .  yf./;»  1,11  r^J:  0/  R^urK  PrinJitm  ■  Five  rer  Cent.  01  lfii.Prmhm  u  h  ri:mrid:  frmdcd  ittit  in  m  Ctifiit  hi  tindrr  an  Half  per  rent.-«>  .liti^tt^  lufunca. 


^^        ^J'J.'dbn  fo'Ti/  Charse,  Damage,-  or  toG,  wKchtnay  lm&  in  cocTcquence  cf4  Sdzuie  or  Eetention  of  the  Property  for.'t^ttaoroiat  o£anut-orJ.£haj;toCrr.Je. 


;rC/.rt: 


Early  Maisine  Policy  of  Philadkli'uia  Brokeus,  1795. 


INSURANCE  COMPANY  OF  NORTH  AMERICA.         27 

building;'-'  Jacob  Shoemaker,  afterwards  Shoemaker  & 
Berrett,  at  ^o.  29  north  Water  street ;  John  Donnaldson ; 
and  John  Taylor^  at  ^o.  10  south  Front  street.  Some  of 
these  gentlemen  had  their  own  policy-forms  in  print,  with 
their  names  and  office  address  added  thereon,  though  the 
contract  appears  to  have  been  the  same  in  all  cases.  The 
modern  broker  is  content  with  attaching  the  label  of  his 
name  and  address  to  the  outside  of  a  company's  policy; 
those  gentlemen,  printing  their  own  policy,  could  at  once 
place  their  name  and  address  prominently  on  the  first  page. 

*  Robert  Enoch  Hobart,  the  elder  brother  of  Bishop  Hobart,  was  an  active, 
enterprising  man,  of  a  well-cultivated  mind  and  literary  taste.  At  first  a  mer- 
chant, then  an  insurance  broker,  he  became  in  1811  a  resident  of  Pottsgrove, 
Pennsylvania,  being  allied  in  marriage  to  the  family  on  whose  estate  the  town 
was  built,  and  who  gave  its  name;  at  the  time  of  his  death,  he  had  been  for  two 
sessions  a  member  of  the  State  legislature. 


28  A  HISTORY  OF  THE 


III. 

EARLY  FIRE  UNDERWRITING  IN  PHILADELPHIA. 

THUS  much   for  the   growth  of  marine  insurance  in 
Philadelphia. 

It  appears  to  us  of  this  day  remarkable  that 
our  ancestors  had  no  means  for  indemnifying  themselves 
against  losses  by  fire  on  land;  no  individual  capitalist 
stood  ready  to  undeiwi"ite  indemnity  to  the  house-owner 
for  the  ])ossible  destruction  of  his  property  by  fire.  Such 
losses,  however,  were  not  unknown  to  our  earlier  citizens,  for 
the  necessity  for  some  mode  of  extinguishing  fires  led  to 
the  establishment  of  a  fire  company,  the  Union,  on  7 
December,  1736,  followed  by  the  Fellowship,  1  January, 
1738,  the  Tland-in-IIand,  1  March,  1712,  the  Ileart-in- 
Hand,  22  February,  1713,  the  FnendsMj),  30  July,  1747, 
and  the  Ilibernia,  22  February,  1752,  with  an  aggregate 
membership  of  two  hundred  and  twent3^-five  members,  em- 
ploying seven  engines,  one  thousand  and  fifty-five  buckets, 
and  thirt3'-six  ladders.  This  force  Avitnesses  to  the  dangers 
from  fire  the  citizens  felt  themselves  surrounded  with,  and 
yet  they  remained  without  any  source  of  indemnity  from 
loss  whatever,  until  13  April,  1752,  when  certain  Contri- 
butors, as  they  were  called,  then  organized  under  a  Deed  of 
Settlement  The  Philadelphia  Contrihutionship  for  the  In- 
surance of  Houses  from  Loss  by  Fire,  and  it  was  not  until 


INSURANCE  COMPANY  OF  NORTH  AMERICA.        29 

1  June  following,  that  any  member  of  this  mutual  associa- 
tion sought  its  first  policy,  and  he  was  the  Hon.  John 
Smith,  the  author  of  the  ''Deed  of  Settlement,"  and  the 
first  treasurer  of  the  company. 

This  organization  was  the  result  of  an  invitation  to 

"^//  per  fans  inclined  to  fubfcribe  to  the  articles  of  injur  ance  of  houfes 
from  fire,  in  or  near  this  city,  are  desired  to  appear  at  the  Court-house, 
where  attendance  will  he  given,  to  take  in  their  fuhfcriptions  every  feventh 
day  of  the  week,  in  the  afternoon,  until  the  \yh  of  April  next,  being  the 
day  appointed  by  the  Jaid  articles  for  electing  twelve  directors  and  a 
treafurer,^^ 

which  was  first  inserted  in  the  Peymsylvania  Gazette,  on 
18  February,  1752,  and  continued  therein  until  the  date  of 
meeting,  but  the  paper  gives  no  intelligence  of  the  action 
then  had.  The  office  of  the  company,  we  have  already 
seen,  was  opened  at  the  store  of  Mr.  Joseph  Saunders,  its 
first  ''Clerk." 

Mr.  Smith  was  a  native  of  Burlington,  :N"ew  Jersey,  and 
a  younger  brother  of  Samuel  Smith  the  Historian  of  l^ew 
Jersey;  he  was  at  this  pei-iod  a  prominent  merchant  in 
Philadelphia,  and  had  established  the  first  line  of  regular 
packets  trading  to  Liverpool  from  this  city,  was  a  member 
of  the  General  Assembly  of  the  Province  of  Pennsylvania, 
and  prominent  in  the  affairs  of  the  Society  of  Friends,  and 
one  of  the  originators  of  the  Pennsylvania  Hospital;  he 
was  the  promoter  of  this  invaluable  scheme,  and  to  him 
must  be  conceded  the  honor  of  its  authorship.  Though  but 
thirty  years  of  age  at  this  time,  his  practical  views  at  once 
enUsted  Benjamin  Franklin's  co-operation,  and  this  with 
his  own  personal  influence  in  the  community,  which  was 
enhanced  by   his   being   the   son-in-law  of   James   Logan, 


30  A  HISTORY  OF  THE 

Chief  Justice  and  afterwards  President  of  the  Council  of 
Pennsylvania,  and  whose  death  had  occurred  but  a  few 
months  before,  secured  the  establishment  of  the  first  in- 
surance organization  in  the  American  Colonies. 

He  was  an  active  member  of  the  Hand-in-Hand  fire  com- 
pany, then  a  young  organization,  which  he  joined  shortly 
upon  his  coming  to  Philadelphia  in  1743,  and  which  in  time 
enrolled  in  its  membership  some  of  the  leading  citizens,  and 
in  its  later  history,  continued  the  same  characteristics  of 
membership.  In  the  year  1771  the  entire  corporation  of  the 
city,  according  to  Mr.  Thompson  Westcott,  appears  to  have 
been  embraced  in  its  membership,  and  statesmen,  lawyers, 
physicians,  divines  and  merchants  were  among  its  "honor- 
ablemen";  four  signers  of  the  Declaration  of  Independence, 
Clymer,  Hopkinson,  Rush  and  Wilson,  Chief  Justice  Tilgh- 
man,  Bishop  White,  Provost  Smith,  long  maintained  their 
membership.  In  later  years  it  ceased  active  duties  at  fires, 
fulfilling  only  its  social  claims  in  the  monthly  dinners,  and 
leaving  the  use  of  its  engine  to  other  organizations,  and 
finally  ceased  to  exist  in  1817 ;  of  its  last  roll  of  members, 
the  Hon.  Horace  Binney  w^as  one.  Mr.  Smith  in  his  MS. 
Journal,  before  referred  to,  makes  frequent  allusions  to 
attendance  on  its  meetings ;  and  his  connection  with  it  may 
have  secured  his  attention  to  some  scheme  of  insuring 
owners  of  buildings  from  loss  by  fire.  On  26  August,  1748, 
his  Journal  records:  "in  the  evening  rode  to  Stenton;  took 
with  me  a  plan  of  the  damage  done  by  the  fire  in  London, 
and  gave  to  the  old  gentleman;  and  the  magazines  for 
March  and  April,  which  I  left  wdth  Hannah.-'  This  refer- 
ence is  to  the  fire  on  25  March  preceding,  which  consumed 


INSURANCE  COMPANY  OF  NORTH  AMERICA.        31 

two  hundred  houses  in  Cornhill,  the  severest  conflag-ration 
in  London  since  the  great  fire  of  1666  (Walford's  Cyclo- 
pcedia).  The  Journal  unhappily  ends  before  the  establish- 
ment of  the  Contributionship,  but  from  the  entry  now 
quoted,  we  can  judge  that  the  thought  of  such  a  company, 
and  perhaps  its  plan  of  organization,  Avere  the  result  of 
mature  consideration  before  he  presented  the  subject  to  the 
citizens  of  Philadelphia.  AVhile  its  popular  title  Iland-in- 
Harid  "is  not  contained  in  any  part  of  the  Deed  of  Settle- 
ment, nor  in  the  policy,  nor  in  any  of  its  minute-books  or 
papers"  (Mr.  Binney's  Centennial  Address,  page  29),  we 
cannot  but  connect  its  use  from  the  outset  w^ith  the  title  of 
Mr.  Smith's  fire  com2)any,  many  of  the  members  of  this, 
being  the  contributors  in  that. 

A  later  by-hiAV  of  the  Contributionship  forbade  the  insur- 
ance on  buildings  surrounded  by  trees,  which  was  expressly 
permitted  by  its  Deed  of  Settlement ;  this  led  to  the  forma- 
tion on  5  July,  1784  of  the  Mutual  Assurance  Cornpany  for 
Insuring  Houses  from  Loss  hy  Fire  in  and  near  PhiladeU 
jphia,  to  whom  our  citizens  by  the  payment  of  an  additional 
Deposit  could  have  both  their  Insurances  and  their  Trees. 

The  interest  and  feeling  created  by  this  restriction  in  the 
Contributionship  Articles  can  best  be  seen  in  the  j^ublic 
announcement  made  by  the  objectors,  which  we  find  in  their 
advertisement  in  the  Gazette  of  25  Aug-ust,  1784: 

Philadelphia,  August  lo,  1784. 

A  NEW  SOCIETY 

For  iniuring  Houses  from   Lois  by  Fire. 

A    Great   number   of   the   citizens  of  Philadelphia,  who  are   proprietors 

of  houfes  in  the  city  and  its  fuburbs,  many  of  whom  now  are  or 

have  been  Members  of  the  Philadelphia  Contributionship  for  injuring  Houfes 


32  A  HISTORY  OF  THE 

from  Lofs  bf  Fire,  have  found  it  convenient  and  agreeable  to  them  to  have 
trees  planted  in  the  ilreets  before  their  houles,  which  the  said  Contribution- 
ship  have  thought  proper  to  prohibit  by  one  of  their  bve-lavvs,  although  the 
same  is  expresslv  permitted  by  a  law  of  the  State,  and  notwithRanding 
application  has  been  made  by  above  fortv  of  their  Members  to  have  the 
faid  bve-law  repealed,  who  fignilied  their  willingnefs  that  an  addition 
fhould  be  made  to  the  premium  of  their  insurance  for  the  fuppoled  rifque 
attending  trees  in  cafes  of  fire,  as  is  now  done  with  refpect  to  bake-houfes, 
coopers,  apothecaries  and  oil  men's  fhops,  llores  containing  pitch,  tar, 
brimstone,  &c.,  which  application  has  been  rejected. 

Wherefore  a  number  of  perfons,  desirous  of  having  their  houfes  infured 
from  lofs  by  fire,  and  feeing  themfelves  precluded  from  the  advantages  of 
the  prefent  inllitution,  have  judged  it  necessarv  to  form  another  locietv  for 
the  purpofe  aforefaid,  and  have  entered  into  an  agreement,  that  as  foon  as 
fo  manv  perfons  as  have  property  in  houfes  to  the  value  of  one  Hundred 
Thoufand  Pounds  collectively,  shall  have  figned  the  faid  agreement,  a 
meeting  of  the  fubscribers  fhould  be  called,  to  form  a  plan  for  the  manage- 
ment of  the  intended  focietv. 

That  having  no  intention  to  prejudice  the  inllitution  alreadv  etlablifhed, 
and  being  only  actuated  by  a  defire  to  fecure  their  own  property,  thev 
further  agreed,  that  if  the  bve-law  above  referred  to  shall  be  repealed 
within  ten  months  from  the  date  of  their  agreement,  which  was  the  5th  of 
Julv,  1784,  that  then  their  faid  agreement  fhould  be  void,  or  otherwife  to 
be  carried  into  execution. 

Subfcriptions  to  near  the  amount  above  prescribed  having  alreadv  been 
made,  at  a  meeting  of  the  fubscribers  it  was  unanimouflv  agreed  to  lav  their 
proceedings  before  the  public,  and  to  inform  fuch  as  are  difpofed  to  join 
them,  that  fubfcription  papers  are  lodged  with  Mr.  ^^  illiam  Crak;,  in 
Second-ilreet,  and  Mr.  John  Philips,  at  the  corner  of  Front  and  Pine-ilreets. 

A  meeting  of  the  fubfcribers  will  be  held  in  September  next,  whereof 
each   one  will   be   informed   bv   a   particular   notice. 

In  the  Gazette  of  27  October,  1784.  Ave  find  tlie  following: 

The   Ofiice  of  the   Mutual  Alfurance 
Companv,  for  infuring  Houfes  from  lois  by   Fire, 
TS   -kept     by    the    subfcriber,    at     his     houfe    in    Quarry-ilreet,    between 
Moravian-alley  and  Third-llreet,  where  the  members  ot  the  said  Com- 
panv and  all  others  defirous  of  having  their  property  iniured  may  apply. 

Applicatio.ns  will  also  be  received  at  the  store  of  Mr.  Matthew 
Clarkson,  in   Front-llreet,  between   Market  and  Arch-llreets. 

John  Jennings,   Clerk. 


[H  O  "U  S  E.] 

By  the  Prefident  and  Directors  of  the  Injur ance  Company  of  North  America, 


WHERE  AS  ^T^-^fA^r^Aa^^^f'^^^^^^^^^ 


Inih  paid  to  the  PrcfiJcnt  anJ  Direflors  of  tli;  Inrnnncc  Compmy  orNorfTi  Amcrlci  ^^y  \^^^^^xA^^^t^^ 


and  Sccuiitie*  of  (he  rai4  Cprporauoirniall  Sfflutij^CtO  pay  anW.tlic  Xz\\^y^:2:tLf>^,^^.^..f^Q^i^!^/r-  Am^  - 
uiiuiiiitraiors  or  Aiiipns  any  Lofi  or  namngc"\vhkfi  fliallo;  nuy  liappdri  by     "  _       ^  ^-      -     -     -  - - 

Lforefai.!,  iinlcfi  tlicy  ihc  faid  I'rcndiint  and  Dircflor*  iliall  fortfiwfth  BireDireclionS  I 
Siaicof  Itcpniras  it  was  in  before  it  was  To  injured  by  Fir^'  or  flialfmakc-goodihe  faid  Lois  of^Dntu 

afwrc^d  it.cn  ihc  faid  CapiwrSlock,  Eftatc  and  Sccurillcs  o"^  ■*-  " ■" 

"  ■    ■   ■"  ir^\(Iipns  ihe  entire  fuin  of  i^Ara 


ind  To  (hall 


,  Adiuinia 


ofj^e  Corpora;lon  ihaJJ  be  fubjcctio  p 


icrc(^rsccordi9;«/o  the  Edir 
r  ,tf;ZS^.**?J^_:5  ni.iil  be  whc 

T  the  fail       ' 


nf5  thereof  to  be  TTWiJe  b^TiA^lrtr— 
'  dellroyed  by  ocbpncani  o£  iirfl 


.1  be  fiibjra^as  aforcf aid  fronijiinc  I'o  rime  (o  btt  comyutciJjam  the  Z^X^i./AJiy>^t:^(3<^  ^<^  ^^i^^^^-L^^^J^    » —     ,  ■ 

^  A>^:Zt&>r      ^— — • i?rtiaHwcllan(HniIy-,p.-.^,  orcaufe  tobe-paratherumol 

— '  to  tlie  rrcTidcnt  ami  Dircftors  of  tlic  faid  Insurance  CismpanT'oE  North  America 

fuccccding  Tenr,  and  the  faid  Corporation  fliall  Isrce  thereto  by  "accepting  the  ftme*  ivliich  rud 

rattct  proof  [hereof  ;  and  if  any  difputc  Jhall  arifu  rcrpccling  ihtf  fnnic  between  tha  Corporation  and 

tion  of  ArbrtraioraiudilVeremlychofen',  whofea\v;ird  iti  writing  full  be  conclufivc-and  binding"  to  all 

ucintcntand  meaning  of  thisi'oiicy,  that  the  faid  Stoek,  Eflaic  and  Securities  of  the  faid  Corpora- 

D.iiiugeby  Firej  which  fliall  happen  by  Invafion,  Foreign  Encmyv  Civil  Commotion,  or  anyiMilita 

iTetlj  51;  be  binding  to  the  faid  Corporation,  in  cafe  the  faid  ^fturcd    fliall    have  alrcady"madci  Of 

flforcfaid,  .unlcf^the  fame  fliall  be  allowed  ofjand  fpecificd  onihc  bacW'of  this  Policy  i 

itloncd  (Iiall,  aLthc  timcTchcn  any  fuch  lire(]iaUhappen,^bc  in  wholcor  in  parroccnpicd  by  any  perfon  who  (JTall  uft 

Joiner;  Coopet;   Tavern-keeper,  orinnholdsr;  3tahk*  Kccpcf'V  3rcador  BifciJit  BakcrS,  Su-jar  lJakef':..Ship  Chandler;  .Boa 

kr;   Apnthcenry:  Cfienift.T  Oil  andColourman  ;  Chinr.,  Clafsor^arthcn  Wire  Seller;  or'fliall  W  made  ufc  of  (oMhc  Stonng  of 

Turpeuiine,  Rofuij  ^altPcirc^  6ulphur,  Cuo^PovOcii  £piri[l  cP  lurpcntioti  'Shmglcs^  lla>7-S:rr.v>  Foddiic'dfi  an^'kind|  Cois  miw 


in  e)(cry>^r  for  fo  long  limc  as  ihe  faid  /2VtZ3^^ryty  JV^^Zt^^       ^— 

on  rirbef..rc  iii^^lL^5^^isSK^^^2i^4^^V? which  rtiall  be.5n«cA 

IjaU  or  l>ama;;c  ihall  he  paid  or  ind«rtm^i  in  iiiilfiicr  aforcfald  wiiliin  thirty  tls^- 
the  ASSlJJtlin,  fucli  diligence  JhatI  be  lubmitn.d  lo  the  juJf;n;cnt  and  determina 
parli«  PROVIDED  ah.ays  ncverihclcU,  and  it  ij  hereby  declared  to  be  the  <r 
Tton  fliallnoi  be  lubjca  .ir  liable  to  pav,  or  make  Romi  to  the  Afl'ured,  anylofsor 
furiicd  power  wh.ucvor  ;    And  provided  air.yjhat  tliii  PjJii 


^ 


lint  ihaf  tn  aH^or  any  oE  (he  faid  cafe:,  Uiis  Policy,  and  every  claure,  aTHde  and  Thing  herein  comainej  Ilnll  tc  TOiJ  antt  of  none  cRcfl- ;  onicnvlfc  ic  /lull  r 


ik  \Vl  I'NESSTThcrcof  the  faid  Corpi 


raufed  tjiclr  Common  Seal  to  be  hei 


2'i^^ 


and  ^itUo^-^wZ  v4l^t^^ 

if  afligucd,  unljjfsfuch  aJTigni 


meat  be  aUonred  by^ao  anry  t^eteof  In  the  Cao^^s  of  ihc  Compaofc 


Da^  of  ^^ij^44^^  la  the  Tar  oF 


i^^'^ 


C_J 


(^PU^'iM^^eJ^L^'VO  ^^muj^'-G. 


■3''2(W^ 


Early  Fire  Policy  on  Building,  1795. 


INSURANCE  COMPANY  OF  NORTH  AMERICA.        33 

Article  XXXII  of  their  Deed  of  Settlement  is  as 
follows : 

"That  there  be  an  Addition  to  the  Deposite  Money  upon  the  Insurance, 
of  all  Houses  having  Trees  planted  before  them,  and  also  for  Trees  planted 
in  Yards  near  the  Houses;  which  Addition  shall  be  determined  by  the 
Trustees,  and  be  in  proportion  to  the  Risque  such  Trees  may  occasion. 
All  Trees  planted  near  Houses  shall  be  Trimmed  every  Fall,  in  such 
Manner  as  not  to  be  higher  than  the  Eaves  of  the  Houses.  And  Trees 
planted  after  Insurance  made  must  be  reported  to  the  Office,  and  the 
additional  Deposite  paid  within  twelve  Months  after  they  are  planted, 
or  the  Deposite  Money  will  be  forfeited  and  the  Insurance  become 
Void." 

One  practical  result  arises  from  this  favor,  interesting 
to  the  arboriculturist,  by  often  establishing  the  date  of  the 
shade  trees  planted  by  our  old  citizens;  one  instance  we 
find  at  Bishop  White's  dwelling,  built  by  him  in  1786,  No. 
89  (now  309)  Walnut  street,  for  not  until  II  Xovember, 
1795,  did  he  plant  his  trees,  as  we  find  by  endorsement  on 
his  Policy  No.  191,  he  made  "his  Deposite  for  Planting 
two  Trees  in  front  of  the  within  described  house  and  paid 
to  the  Treasui-er  one  pound  five  shillings,"  which  was  at 
the  rate  of  one-quarter  of  one  per  cent,  for  the  privilege 
of  shade  trees. 

This  Company  became  and  still  is  popularly  known  as 
the  Oreen  Tree.,  from  the  house  badge  it  adopted,  as  the 
Contributionship,  from  its  early  badge  of  four-clasped 
hands  is  as  well  known  by  the  name  of  the  Iland-in- 
Hand.  The  latter's  office,  at  the  time  of  the  organization 
of  the  Insurance  Company  of  North  America,  was  kept  in 
the  house  of  its  "Clerk,"  Mr.  Caleb  Carmalt  (afterwards 
Treasurer  from  1807  to  1817),  located  at  No.  99  (now  239) 


34  A  HISTORY  OF  THE 

Market  street;  and  the  former  at  No.  92  (now  230)  Tine 
street,  the  residence  of  its  Clerk,  Mr.  John  Jennings:  both 
the  buildings  thus  oceui)ied  have  now  disappeared,  and 
.modern  structures  stand  in  their  places. 


In  General  AJfembly, 

TUESDAY,  April  2,    1793. 

An  ACT  to  incorporate tht  Infurance  Society  Company 
0/ North  America. 


X  V  V  HEREAS  a  Company >.as  been  formed  in  the  dty  of  Philadel- 

a  phja  and  a  competent  capital  thereto  fubfcribed  for  the  purpofc  of  car- 

2  Tjinsonlhebafinefsofinfuranceandapplicationhasbecn  madctothe 

if.  Leglflalure  by  the  faid  Company  for  an  a£i  of  incorporation    la 

5  order  therefore  to  promote  an  inflitution  which  by  alleviating  tlio 

6  riftpes  aod  lolfes  incident  to  trade  and  nartgatlon  mufl  in  i\a  operations 

7  be  equally  beneficial  to  the  agdcuUural  and  commcfdal  infetefls  of  tho 
S  flate, 

1  SiCT.  T.  M*  if  tnailid  Ij  tit  Ssmte  and  Houfe  tj  Rtprijenf-stlvtt 

%  of  the  CommonwiaRh  »f  Ftnnfylvania  in  General  jfjjimity  met  and  U  h 

%  htnhy  enaSied  Ij  the  aulh:n'ty  of  the  fame  That   tho   capital  Sact 

4  of  the   Tnfurance  Company  of   North    America  may  amoaat  to 

5  any  fuci  not  exceeding  Hx.  hundred  thoufand  dollars  that  the  fame  fhall 

6  be  divided  inio  fix^  thoufand  (hares  of  ten  dollars  each  fharc  and  Aat 

7  the  perfoQs  copartoerfliips  or  bodies  potttio  who  lizve  diereto  Aibfcribed 
%  {hall  pay  tho  rcfldao  of  the  firai  and  fams  of  xnonay  dtra  and  payaMa 
9  \0T  ihe  fharo  or  Ihares  by  them  refpcftivcly  iilbftiibcd  m  the  manne* 

{bnon'm^ 

102 

Page  of  original  Bill  presented  to  Legislature. 


INSURANCE  COMPANY  OF  NORTH  AMERICA.        35 


IV. 

INCORPORATION. 

WITH  this  review  of  the  early  schemes  of  under- 
writing in  Philadelphia,  there  can  be  formed 
some  idea  of  the  extent  in  which  individual 
capital  was  interested  in  ventures  by  sea,  and  how  favor- 
ably was  received  on  its  announcement,  the  plan  of 
organization  in  which  those  seeking  the  uncertain  profit 
of  underwriting,  could  become  shareholders  in  a  reputable 
institution,  and  leave  the  direction  and  character  of  their 
ventures  to  a  Board  composed  of  responsible  and  intelli- 
gent gentlemen. 

The  new  Board  of  the  Insurance  Company  of  Korth 
America  met  the  day  following  their  election,  11  December, 
1792,  at  the  City  Tavern,  that  w^ell-known  place  of  resort 
in  those  days,  which  was  situated  on  the  w^est  side  of 
Second  street,  north  of  Walnut,  on  whose  site  was  after- 
wards erected  the  Bank  of  Pennsylvania,  now  in  its  turn 
displaced  by  the  Government  Warehouse,  which  covers  the 
entire  lot  between  Second  street  and  Dock  street,  and  Gold 
and  Lodge  alleys.  All  the  Directors  were  present,  and  Mr. 
John  Maxwell  JS'esbitt  was  unanimously  chosen  President, 
and  Mr.  Ebenezer  Hazard,  Secretary;  and  the  Directors 
divided  themselves  by  lot  into  committees  of  two.  Gen. 
Stewart,  Mr.  Moylan  and  Mr.  Ball  were  appointed  a  com- 


36  A  HISTORY  OF  THE 

mittee  to  petition  the  Legislature  for  a  charter,  and  prepare 
a  bill  for  that  purpose;  and  the  Secretary  was  directed  to 
prepare  a  draft  of  a  marine  policy  for  their  consideration. 
Messrs.  Ross,  Pettit  and  Miller  were  a  committee  to  make 
a  table  of  the  lowest  premiums  as  a  guide  to  the  sitting 
committees;  and  Mr.  Ross,  Major  Moore  and  Mr.  Leamy, 
a  committee  to  provide  suital)le  offices  for  temporary 
accommodation  of  the  Company,  and  were  authorized  to 
make  such  arrangements,  with  the  approbation  of  the 
President. 

On  Friday,  14  December,  the  Board  met  at  six  o'clock, 
p.  M.,  in  their  own  offices  in  the  brick  building  Xo.  119 
(now  213)  south  Front  street,  which  they  leased  to  1  May, 
1791,  at  £'100  per  annum,  from  Mr.  Thomas  Mackie,  who 
occupied  the  building,  which  was  owned  by  Mr.  John 
Mifflin.  On  the  day  following,  15  December,  their  first 
Policies  were  issued. 

Gen.  Stewart's  committee,  under  their  instructions,  pre- 
pared a  petition  to  the  Legislature,  and  three  copies  of  the 
Memorial  were  made,  each  signed  by  all  the  Directors 
respectively  for  the  Governoi",  the  Senate,  and  the  House. 
Messrs.  Stewart,  Moylan  and  Miller  were  appointed  to 
carry  it  to  the  Governor;  Messrs.  Moore,  Leani}^  and 
Cramond,  to  the  Senate,  and  Messrs.  Barclay,  Ross  and 
Pettit  to  the  House.  Its  text  is  important  as  showing 
in  a  formal  manner  the  substantial  reasons  for  the  char- 
tered establishment  of  such  an  institution,  and  is  as 
follows : 

To  the  Honorable  the  Representatives  of  the  Freemen  of  the  Common- 
wealth of  Pennsylvania  in   General  JJJembly  met.    The  petition   of  the 


INSURANCE  COMPANY  OF  NORTH  AMERICA.        37 

Directors  of  the  Infurance  Company  of  North  America,  in  behalf  of  the 
faid  Company,  Most   Respectfully  Sheweth 

That  your  petitioners,  attached  to  the  public  welfare,  behold  with  the 
greatefl  fatiffaction  the  commercial  purfuits  and  intereib  of  the  United 
States  becoming  daily  more  numerous  and  important;  but  they  have  long 
regretted  that,  for  want  of  fufficient  number  of  underwriters  of  responfi- 
bility  in  the  principal  cities  and  towns  of  the  United  States,  commerce 
is  burthened  with  the  charge  of  commiffions  to  European  correfpondents 
for  effecting  infurances,  and  large  fums  of  money  are  confequently  drained 
from  the  country. 

That  thefe  confiderations  have  induced  a  number  of  the  citizens  of 
this  Commonwealth  to  raile  a  fund  for  the  purpose  of  infurance  and  to 
affociate  themselves  under  the  name  and  title  of  The  Infurance  Company 
of  North  America,  upon  the  principles  contained  in  a  plan  which  they 
have  the  honor  with  this  memorial  to  iubmit  to  your  perufal. 

That  your  petitioners  humbly  conceive  that  confiderable  benefits  will 
refult  from  this  affociation  as  well  to  the  citizens  of  this  commonwealth 
in  general,  as  to  the  mercantile  part  of  this  community  in  particular,  by 
retaining  in  the  State  the  money  invefled  in  their  capital  stock  and  the 
large  iums  that  mull  otherwise  be  drawn  from  the  country  for  premiums 
of  infurance,  by  relieving  commerce  from  the  prefent  tribute  paid  to 
foreign  underwriters,  and  by  fecuring  the  aflured  through  the  means  of  an 
ample  capital  stock  from  a  poffibility  of  lols,  which  in  the  manner  of 
making  infurances  heretofore  practifed  both  frequently  happened  through 
the  failure  of   individual  underwriters. 

The  whole  number  of  fhares  into  which  the  capital  flock  of  the  com- 
pany is  divided,  being  already  fublcribed,  the  affociation  are  prepared  to 
enter  upon  the  profecution  of  their  intended  object ;  but  in  order  to 
eflablish  a  greater  confidence  in  the  minds  of  perfons  who  may  incline 
to  do  businefs  with  them,  and  to  enable  the  affured,  in  cafe  of  difputed 
lofles,  to  have  more  convenient  recourfe  to  law,  as  well  as  to  enable  the 
company  to  prosecute  their  undertaking  with  greater  ease  and  effect,  your 
petitioners  are  advifed  to  apply  to  the  Legiflature  for  an  act  of  incor- 
poration. 

Your  petitioners,  therefore,  confiding,  from  your  experienced  patriot- 
ism, that  every  opportunity  to  advance  the  opulence,  the  ease,  and 
independence  of  the  citizens,  will  be  cheerfully  embraced,  pray  your  aid 
in  the  premifes,  and  permifsion  to  bring  in  a  bill  of  incorporation  for  the 
purposes  aforeiaid. 


38  A  HISTORY  OF  THE 

This  with  the  accompanying  form  of  Constitution,  drafted 
hy  Alexander  James  DaHas,  Avere  presented  in  person  to 
the  House  and  Senate  on  Tuesday  the  18th  December,  and 
the  next  day  the  Memorial  was  read  twice  and  referred  to 
a  Committee  consisting  of  Messrs.  Swanwick,  Forrest, 
Turner,  Ejerly,  and  Gallatin  to  make  report  thereon. 

Opposition,  however,  was  soon  presented  to  their  project, 
for  on  the  29th,  ''a  petition  from  a  number  of  the  mer- 
chants and  insurers  of  the  port  of  Philadelphia  was  read 
remonstrating  against  the  prayer  contained  in  the  petition 
of  the  Directors  of  the  Insurance  Compau}'  of  North 
America,"'  which  on  3  January,  1T93,  was  read  twice 
and  referred  to  the  same  committee.  This  was  met  on  the 
12th  by  '^Memorials  from  a  number  of  the  merchants.  Ship 
owners,  Insurers,  and  citizens  of  the  port  of  Philadelphia, 
praying  that  the  Company  stiling  themselves  the  Insurance 
Company  of  ]^rorth  America  may  be  incorporated,''  which 
were  on  the  14th  in  turn  referred  to  the  Committee;  and 
these  were  followed  on  5th  February  by  another  petition  to 
like  effect.  The  month  passed  without  any  action  by  the 
House,  nor  did  the  Committee  submit  their  views;  and  on 
28  February-,  the  Directors  appointed  Gen.  Stewart  and 
Messrs.  Blodget  and  Ralston  a  Committee  to  memorialize 
the  Legislature  of  Delaware  for  an  Act  of  Incorporation, 
and  to  draft  a  Bill  for  the  same;  but  the  Journals  of  the 
DeUiAvare  Assembly  give  no  evidence  that  a  memorial 
reached  that  bod3\ 

This  move  of  the  Directors,  and  which  they  did  not  con- 
ceal, brought  from  the  Committee  on  11  March  a  favorable 
report  to  the  House,  in  which  is  disclosed  the  motives  of 


INSURANCE  COMPANY  OF  NORTH  AMERICA.         39 

the  opposition,  and  consequently  merits  here  a  perusal,  and 
is  as  follows: 

That  they  confider  the  welfare  and  profperity  of  the  agricultural 
interell  of  the  State,  as  infeparably  connected  with  that  of  its  com- 
merce and  navigation. 

That  no  commerce  or  navigation  could  be  beneficially  conducted  with- 
out inliarance,  no  body  chusing  to  commit  confiderable  property  to  the 
ocean,  without  guarding  againll  the  numerous  accidents  to  which  it  would 
be  thereby  expofed. 

That  infurance  cannot  be  fo  well  conducted  by  individuals  as  by  an 
incorporated  company,  for  want  of  that  identity  that  would  enable  such 
a  company  to  be  fued  in  cafe  of  lofs,  where  juftice  could  be  had  much 
more  fpeedily  than  in  fuing  every  feparate  underwriter  to  a  policy,  a 
work  of  fuch  immenfe  expence  and  lofs  of  time,  as  frequently  to  defeat 
entirely   the   object   of  infurance. 

That  solidity  is  alfb  to  be  confidered,  which  it  is  impolTible  to  attain 
with  certainty  with  private  underwriters,  whereas  this  Company's  pro- 
pofed  capital  of  600,000  dollars  in  the  public  funds,  will  be  a  sufHcient 
guarantee  to  thofe  who  employ  them. 

That  already  the  charges  of  infurance  have  been  confiderably  abated 
since  the  ellablishment  of  this  company,  whereby  a  great  laving  to  the 
mercantile  body  is  effected,  who  can  afford  to  give  fo  much  more  for  the 
produce,  as  they  pay  lefs  for  inluring  it. 

That  the  number  of  perfons  underwriting  in  Philadelphia,  does  not  at 
prefent  exceed  about  fifty,  and  the  risques  they  take,  being  on  an  average 
only  about  £200,  on  a  single  bottom,  of  courfe  only  about  £10,000  can 
now  be  infured  at  the  different  offices  here  on  a  single  risque,  which 
occafions  a  drain  of  money  for  infurance  to  Europe,  or  to  the  neighboring 
States,  very  prejudicial  to  the  body  of  this  one. 

That  it  is  not  in  the  contemplation  of  the  petitioners  to  exact  or  ask 
for  themselves  any  exclusive  privilege  of  infurance,  io  that  thofe  priVate 
underwriters,  or  any  others,  may  ilill  go  on  to  infure,  as  heretofore,  for 
thofe  who  will  employ  them  ;  coniequently  that  only  a  competition  on  a 
more  enlarged  fcale  will  enfue  very  beneficially  to  the  carrying  on  of  the 
businefs  in  queflion. 

That  in  almost  all  commercial  countries  fimilar  incorporations  exist; 
that  in  our  own  there  are  such  for  infuring  houles  from  loss  by  fire,  it 


40  A  HISTORY  OF  THE 

would  not  be  eafv   to  fhew  why   the  prefent   Company   ihould   not   be 
incorporated  on   the  same  or  like  principles. 

For  thefe  reasons  the  Committee  fubmit  the  following  refolution: 

Refolved,  That   leave   be   given   to   the  petitioners   to   bring  in  a  bill 
conformably   to   the   prayer   of  their   petition. 

On  the  30th  of  March,  this  report  was  taken  up  for  a 
second  reading,  and  the  Resolution  adopted,  and  on  the  1st 
of  April  the  bill  was  reported,  but  on  the  11th,  the  Assem- 
bly adjourned.  The  opposition  of  the  private  underwriters 
had  thus  prevailed  eifectually  to  postpone  an  early  incor- 
poration, for  a  chartered  oi'ganization  threatened  their  own 
continuance  in  business,  and  their  profits  had  already  been 
diminished  by  a  reduction  in  premiinns. 

But  the  payment  by  the  Directors  of  a  six  per  cent, 
dividend  on  the  paid  subscriptions  on  the  capital  in  the 
following  July,  threw  the  opposition  on  another  plan  of 
attack,  foi"  the  pecuniary  success  of  the  Company  had  been 
so  great  and  rapid  as  to  lead  its  opponents  to  depreciate 
the  chartering  of  only  one  such  organization,  and  they 
hastened  to  appeal  that  the  Directors  of  the  N^orth  America 
should  not  be  the  only  favored  ones;  and  the  contest 
remained  on  this  ground  at  the  following  annual  session 
of  the  Legislature.  On  9  December,  1793,  the  Directors 
recorded  a  minute,  "That  the  Directors  take  opportunities 
of  conversing  with  the  City  members  of  Assembly  to  gain 
their  interest  in  favor  of  our  application  for  a  chartei',"  and 
on  the  following  day  the  bill  was  reported  to  the  House 
among  the  unfinished  business  of  the  former  session,  and  on 
the  11th  was  referred  to  the  City  members  Messrs.  Ililtz- 
heimer,  Latimer,  Swanwick,  B.  K.  Morgan  and  Kammerer. 


4^4 


^9/ 


ff^u^^^^-^^^^  ^X^^^/^—  ^^^^^^^^^^^^^^ 


/// 

S/Ji 
S7S 


SQ2-       of-i^^w^n^^i-r^"^  9^-^ 


^^<^^553W^3     .     O^t.^^yC^^.y^'*^^'^^ 


Yc^^^£f^^ 


A  PAGE  OF  Stock  Subscriptions  in  the  original  Minute  Book  of  the  Directors. 


INSURANCE  COMPANY  OF  NORTH  AMERICA.        41 

On  tlie  13th  the  Directors  again  memorialised  the  Honse, 
and  on  the  16th  "the  petitions  for  and  against  read  in  the 
last  House,"  were  now  again  read  and  referred  to  the  same 
committee,  to  which  were  added  Messrs.  Magoffin  and 
Jacob  Morgan.  Another  six  per  cent,  dividend  in  Jan- 
uary added  force  to  the  struggle,  and  delay  yet  held  the 
day.  On  the  20  January,  1794,  Messrs.  Pettit,  Stewart, 
West,  Ralston  and  Forde  were  appointed  to  wait  on  the 
members  of  Assembly  to  ui'ge  the  passage  of  the  bill, 
doubtless  foreseeing  the  renewed  attempt  to  thwart  their 
plans,  for  on  the  27th  "  a  petition  from  divers  merchants 
of  the  City  of  Philadelphia  was  read,  suggesting  the 
impropriety  of  incorporating  the  present  subscribers  to 
the  Insurance  Company  of  ]S^orth  America,  and  praying, 
that  should  the  Legislature  deem  it  proper  to  pass  an  Act 
for  the  incorporation  of  an  Insurance  Company,  the  same 
may  be  done  in  such  manner,  as  that  those  who  are  more 
immediately  interested  in  commerce  may  have  an  oppor- 
tunity of  subscribing  thereto,  under  such  regulations  as  the 
Legislatui-e  have  heretofore  directed  Avitli  respect  to  other 
incorporated  Companies."  This  was  read  a  second  time 
the  following  day  and  was  referred  to  the  Philadelphia 
members,  and  on  the  31st,  they  reported  favorably.  The 
report  of  the  Committee  is  long,  but  forms  an  interesting 
document,  amplifying  the  statements  presented  by  the 
Committee  of  the  previous  session  as  to  the  value  and  need 
of  sound  and  responsible  indemnity  in  a  mercantile  com- 
munity like  Philadelphia.  Portions  of  it  are  entitled  to  a 
place  here. 


4-2  A  HISTORY  OF  THE 

*  *  *  *  As  it  is  impoffible  for  a  merchant,  with  fafety,  to  hazard, 
unprotected,  his  property,  on  fo  uncertain  an  element  as  water,  which  is 
fo  liable  to  prejudice  or  endanger  it,  it  becomes  eflential  to  the  farmer, 
miller,  or  manufacturer,  that  he  fhould  infure  it. 

Infurance  is  an  undertaking  on  the  part  of  one  or  more  individuals,  in 
proportion  to  the  fums  they  refpectively  take  or  subfcribe,  to  bear  harm- 
lefs  the  merchant  in  this  export  trade. 

This  infurance  is  effected  in  two  ways,  one  by  private  affurers,  and 
thefe  give  perfonal  fecurity  only  for  what  they  undertake  ;  the  other  is  by 
public  companies,  and  these  mortgage  a  public  and  known  capital  for  their 
tranfactions. 

The  cheaper  infurance  is  done,  the  better  price  the  farmer  or  manu- 
facturer will  obtain  ;  for  this  being  one  of  the  charges  in  transportation 
of  the  furplus,  it  muft,  of  courfe,  be  underftood  or  reckoned  in  the 
valuation  of  it. 

Private  underwriters  onlv  afford  a  precarious  dependence  in  a  country  ; 
it  expoles  the  trade  to  depend  too  much  on  the  fears  or  caprice  of  a  few 
individuals;  their  fecurity  alfo  being  perfonal  only,  is  uncertain — and  in 
case  of  great  events  or  loffes,  as  has  often  been  experienced,  it  proves 
inadequate  to  the  occafion. 

Public  underwriters  onlv  would  be  dangerous  as  a  monopoly,  though 
the  security  be  more  perfect  from  the  capital  depofited.  It  therefore 
refults  that  a  wife  government  ought  to  encourage  both  thefe  claffes  ot 
affurers;  to  act  in  competition  with  each  other  with  the  aiTured,  it 
remains  which  he  will  prefer. 

If,  therefore,  the  public  company  offers  a  large  and  known  deposit  for 
security,  in  lieu  of  private  refponfibilitv,  it  is  for  the  benefit  ot  the  public 
to  accept  the  compromife,  inafmuch  as  a  known  depofit  or  mortgage,  is 
better  than  a  precarious  perfonal  refponfibility,  fubject  to  so  many  vicifi- 
tudes. 

If,  therefore,  the  companies  for  infurance  prayed  for  be  incorporated,  it 
is  obvious  that  all  private  underwriters  are  free  as  before  to  underwrite, 
but  a  new  capital  is  fuperadded  to  make  new  infurances  by  the  company, 
and  that  which  augments  the  quantity  of  any  beneficial  kind  of  labor, 
cannot  but  of  neceiCty  be  ufeful. 

If  the  profits  fhould  be  great,  new  companies  will  arife  to  fhare  them, 
and   as  no   exclusive    privilege    is  granted,   the    Legiflature   may   always 


INSURANCE  COMPANY  OF  NORTH  AMERICA.        43 

countenance    fuch    new    undertakings,    when    they    find    the     propofals 
engaging. 

For  these  reasons  the  committee  are  of  opinion  it  will  be  advantageous 
for  the  community  to  incorporate,  on  fuitable  conditions,  the  Infurance 
Company  of  North  America,  as  from  their  meritorious  exertions  during 
the  late  hazardous  periods  of  war  and  foreign  rifque,  the  commerce  of  this 
and  other  States  have  been  materially  benefited  by  the  exertions  of  the 
company  ;  but  as  a  number  of  the  fhip  owners  and  traders  of  Philadelphia, 
from  local  circumflance,  have  not  been  able  to  obtain  fhares  in  this  com- 
pany, and  there  is  reafon  to  believe  that  more  than  one  company  may  be 
employed  at  the  prefent  period  of  difhculty  to  American  commerce  to 
much  advantage,  and  greatly  to  the  fecurity  and  emolument  thereof; 
therefore  your  committee  recommend  the  following  refolutions  to  be 
adopted  by  the  House,  viz.  : 

Refolved,  That  a  Committee  be  appointed  to  bring  in  a  bill  to  incor- 
porate the  Infurance  Company  of  North  America,  now  exifling  in  this 
city,  for  the  purpofes  prayed  for. 

Refolved,  That  a  Committe  be  alio  appointed  to  bring  in  a  bill  for 
organizing  and  eflablifhing  a  new  Infurance  Company  in  the  faid  city  of 
Philadelphia,  to  be  carried  on  under  the  firm  or  denomination  of  "  The 
Infurance  Company  of  the  State  o'i  Pennsylvania.'''' 

Thus  was  originated  the  second  Stock  Insurance  Company 
in  the  Commonwealth. 

On  the  1st  of  February  this  report  was  read  a  second 
time  and  a  committee  appointed,  viz. :  Messrs.  Hiltzheimer, 
Swanwick,  B.  Morgan  and  Kammerer,  to  bring  in  a  bill, 
which,  however,  they  did  not  report  until  the  22d,  with  one 
also  for  the  State  of  Pennsylvania.  Froui  this  date  there 
seemed  to  be  an  effort,  Ijy  moving  amendments  to  the  former, 
to  delay  it,  and  the  latter  passed  the  House  on  the  loth 
March,  while  the  ^orth  America  reached  its  passage  on 
the  14th.  The  bills  reached  the  Senate  in  like  order,  and 
on  the  20th  they  were  both  made  the  order  for  the  26th. 
The  Korth  America  charter  secured  the  precedence,  aud  on 


44  A  ///STORY  OF  THE 

the  28th  it  passed  with  a  few  amendments,  and  sent  to  the 
House,  which  concnrred  on  the  1st  of  April.  The  State  of 
Pemisylvania  bill  reached  its  passage  on 'the  3d  of  April. 
The  former  was  signed  by  Governor  Mifflin  on  the  l-Ath, 
and  the  latter  by  him  on  the  18th  of  April. 

The  bare  legislative  record  of  this  strnggle  can  only  aftbrd 
glimpses  of  the  ardor  with  which  the  contest  was  continued 
against  the  new  enterprise,  iirst  on  one  ground  of  opposition 
and  then  on  another;  but  the  two  incorporations,  born  of 
the  contest,  have  honorably  stood  side  by  side  without  a 
memory  of  the  work  of  1793,  and  have  passed  through 
together  manv  a  crisis  of  underwriting-  and  still  live  to  show 
the  strenofth  of  their  Constitutions. 

Section  4  of  the  Charter  provided  foi-  twenty-five 
Directors,  ''and  that  in  case  any  Director  shall  be  chosen 
a  Director  of  any  other  Insurance  Company  and  shall  act 
as  such."  his  place  was  declared  vacant.  To  this  condition 
was  due  the  loss  from  time  to  time  of  some  influential 
Directors,  who,  becoming  interested  in  new  organizations, 
gave  their  energies  to  planting  them,  at  the  loss  of  their 
official  connection  with  the  older  corporation.  Thus  on  13 
JSTovember,  1794,  Messrs.  Archibald  McCall  and  Thomas 
Fitzsimons,  being  elected  to  the  Direction  of  the  Insurance 
Company  of  the  State  of  Pennsylvania,  their  places  were 
declared  vacant ;  and  on  1  August,  1803,  Mr.  Ball,  the 
former  President,  Commodore  Dale,  Mr.  Lewis  Clapier,  and 
others,  became  thus  ineligible  and  their  places  declared 
vacant,  the  three  gentlemen  named  having  become  interested 
in  the  new  Union  Insurance  Company  just  incorporated. 
On  28  January,  1813,  on  which  occasion  the  President  and 


INSURANCE  COMPANY  OF  NORTH  AMERICA.        45 

Mr.  Henry  went  to  Harrisburg,  sundry  amendments  were 
made,  one  reducing  the  number  of  Directors  to  fifteen,  and 
another  granting  an  enlargement  of  the  field  for  investment, 
when  an  extension  was  granted  to  1  January,  1835.  On 
3  April,  1833,  an  extension  of  the  charter  was  granted 
for  twenty  years  from  the  last  limit  named;  and  on  11 
October,  1839,  the  same  was  made  perpetual,  with  a  view 
to  write  perpetual  risks.  By  Act  of  6  April,  1842,  consent 
was  given  to  reduction  of  the  capital  to  $300,000  the  par 
value  of  shares  being  five  dollars.  On  11  February,  1845, 
a  new  supplement  authorized  an  increase  in  the  number  of 
Directors  to  twenty,  without  repealing  the  condition  above 
recited  of  14  April,  1794,  which  was  repeated  in  the  supple- 
ment of  28  January,  1813.  By  Act  of  8  May,  1850, 
authority  was  granted  to  restore  the  Capital  to  the  extent 
of  five  hundred  thousand  dollars  and  the  par  value  of  the 
shares  to  ten  dollars.  On  27  February,  1854,  authority 
was  given  the  Company  "  to  appoint  agents  or  officers, 
effect  insurances  in  any  of  the  other  States  of  the  Union  or 
without  its  limits,  and  that  contracts  of  insurance  effected 
by  such  agents  or  oflScers,  shall  be  as  valid  and  binding  as 
if  the  same  were  effected  by  the  President  and  Directors." 
On  14  March,  1871,  authority  Avas  given  to  increase  the 
capital  to  one  million  dollars  and  the  par  value  of  the  shares 
of  stock  to  twenty  dollars;  and  this  supplement  repeated 
the  powers  of  the  company  in  marine,  fire,  and  life  in- 
surances, as  recited  in  section  third  of  the  original  act. 
The  supplement  of  1  May,  1876,  to  an  act  to  establish  an 
Insurance  Department  (of  4  April,  1873),  permitting  any 
existing  company  to  increase  its  capital  stock  by  vote  of 


46  A  HISTORY  OF  THE 

Stockholders,  providing  the  same  be  certified  to  the  In- 
surance Commissioner;  the  Company  accepted  at  a  meeting 
of  Stockholders  held  10  July  following,  and  under  the  con- 
ditions of  the  supplement,  their  action  had  "the  same  force 
and  effect  as  if  a  pai"t  of  the  Company's  original  charter  or 
constituting  a  supplement  thereto";  and  forthwith  the 
capital  w^as  doubled,  making  it  two  million  dollars.  And 
on  the  15  Xovember,  1880.  a  fuither  increase  of  one  million 
dollars  was  made,  the  shares  being  allotted  to  Stockholders 
at  a  premium  of  ten  dollars  each;  the  Directors  believing 
that  the  soundest  extensiou  of  the  Company's  means  was 
by  an  equal  increase  of  its  capital  and  its  reserve. 


^yj^-zr^a^^p/ir-r  <a^3->^2-^jA^«>-i^^'%^a>:>->^>*'2x^ii^it-^?\^^ 


i2ayr// 


X 


7 


/t. 


^cr7^>'L.^>-J:^^^j:>^:^^?ZA^ ,  ^y^^ 


'<^^2^^5M^^^^^ 


.?,./> 


a<'. 


AcT^/-; 


/( 


^ 


i^s-iZ^d-r-j^y  Z^/>-r-,^K^t^]  5>>2:^S^ 


r. 


o-^-^ 


.^Scf^^^i^Af  ♦<^^^>-e<2-<X2^A^^^4^^^^^  i^^L2-VT,-c-<LS3.-/-^ 


yf^&^^C^Jl^ 


../?. 


^ 


_-  .^j;.:^ 


First  Page  of  Marine  Blotter,  written  by  Mr.  Hazard. 


INSURANCE  COMPANY  OF  NORTH  AMERICA. 


Y. 

MARINE  BUSINESS. 

1;?^  THE  meanwhile,  the  business  of  the  Company  had 
gi'own  ]-apidly,  unaffected  by  the  want  of  early  suc- 
cess in  obtaining-  a  chart ei-.  The  stated  committees 
of  the  Board  sat  regularly  to  pass  upon  all  applications. 
Mr.  Hazard  had  opened  the  books  and  wrote  the  first 
policies,  and  in  a  few  days  a  clerk  was  voted  him,  Mr. 
William  Coulthard  being  appointed  at  five  hundred  dollars 
per  annum.  A  poi'ter  was  engaged,  John  Yalentine  Cline, 
for  "£(3  per  month  and  an  hint  of  a  douceur  at  Christ- 
mas." And  before  the  month  was  out  another  clerk,  John 
Cook,  was  appointed.  In  the  following  March,  Samuel 
Young  was    appointed    Surveyor. 

The  first  policy  was  issued  to  Conyngham,  Nesbitt  & 
Co.,  on  the  shi})  America,  James  Ewing,  Master,  from 
Philadelphia  to  Londonderry,  for  $5,3:33.33,  at  2^  per  cent.; 
and  the  second  on  goods  in  same  ship,  for  $3,200.  Policy 
]N^o.  3  was  to  John  Leamy  on  goods  on  board  the  brig 
Margarita,  Anthouy  Arnaud,  Master,  from  Philadelphia 
to  l^e^x  Orleans,  with  lil^erty  to  touch  and  trade  at  Cape 
Francois,  for  |1,500,  at  3  per  cent.  Policy  No.  10  on 
the  15th  was  to  the  President,  Directors  and  Company  of 
the  Bank  of  the  United  States,  on  cash  laden  after  the  10th 
inst.  on    board   any  vessel,   any  Master,  from   Charleston, 


48  A  HISTORY  OF  THE 

South  Carolina  to  Philadelphia  or  Xew  York,  for  S20.000, 
at  1  per  cent. 

The  form  of  policy  employed  was  that  in  use  by  the  local 
underwriters  at  the  time.  Mr.  Hazard  writing  at  the  head 
in  the  usual  blank,  the  name  of  the  underwriter: 

"  The  Afsurance  Company  of  North  America." 

The  Committee  on  Policy  reported  later  a  recommendation 
to  delay  printing-  their  oa\ti  until  the  result  was  known  of 
their  application  for  a  charter.  The  first  six  months 
showed  the  premiums  received  §62,114.33,  and  premiums 
determined  88,910.19.  The  first  loss  was  the  ship  In- 
dustry, amounting  to  84.000,  which  Avas  paid  10  June, 
and  a  few  days  later  their  second  claim  was  met.  S515  74, 
on  the  sloo]:)  Hetseij.  The  interest  account  amounted  to 
83.276.20,  and  early  in  July  the  first  dividend  was  declared 
and  paid  to  stockholders,  being  six  per  cent,  on  the  first 
and  second  instalments  of  the  paid  capital,  and  which 
amounted  to  §7.97.3.28.  The  second  six  months'  j^remium 
receipts  were  $151. 350.98,  and  the  determined  premiums, 
§69.184.21 ;  interest  was  $3,574.41,  and  the  losses  amounted 
to  §19,474.64.  The  second  dividend  was  realized  to  the 
stockholders  in  January,  1794.  being  six  per  cent  on  the 
fii'st,  second  and  third  instalments  of  the  paid  cai)ital, 
amounting  to  814.400.  With  these  satisfactory  returns 
to  the  stockholders,  the  motive  for  the  change  of  base 
of  the  opponents  of  the  company's  incorporation  can  be 
seen ;  and  as  the  profits  of  an  organized  business  of  under- 
writing were  so  manifest,  these  opponents  were  now  only 
too  eager  to  share  in  them,  and  instead  of  thwarting  the 


INSURANCE  COMPANY  OF  NORTH  AMERICA.        49 

desired  incorporation,  only  asked  that  they  also  might  be 
incorporated. 

A  form  of  marine  policy  for  their  owr.  use  appears  to 
have  been  considered  on  27  March,  1793,  and  was  submitted 
to  Messrs.  Jared  Ingersoll  and  William  Tilghman,  two 
gentlemen  learned  in  the  law,  for  their  opinion  whether  it 
would  secure  the  property  of  the  individual  members  (other 
than  their  interest  in  the  company's  funds)  from  legal  claims 
for  losses ;  but  conclusions  on  this  do  not  appear  to  have 
been  reached  until  aftei'  incorporation,  as  a  form  for  the 
company's  policy  was  only  finally  agreed  to  on  9  May,  1794, 
and  at  the  same  meeting  "the  Draft  of  a  Device  for  Seal, 
presented  by  Mr.  Blodget,  w^as  approved  of."  This  seal 
remains  unchanged  to  this  time. 

It  had  not  been  long  before  the  brokers  found  their  clients 
preferred  the  solidity  of  a  wealthy  association  preferable  to 
the  credit  of  an  individual  underwriter,  and  brought  their 
applications  to  the  company  claiming  a  commission  thereon; 
but  the  board  on  27  March,  1793,  declined  to  "  write  for  the 
private  offices  and  allow  the  brokers  two  and  a  half  per 
cent.,  they  guarantying  the  premiums";  and  realizing  its 
strength,  made  public  advertisement  of  their  rules,  and 
invited    orders  to  be  addressed  directly  to  the  company. 

The  following  were  adopted  at  the  same  meeting  wdien 
the  form  of  policy  was  adopted,  as  the  "rules  to  be  observed 
in  transacting  business  with  the  Insurance  Company  of 
^orth  America": 

"1.  All  orders  for  Insurance  must  be  given  in  writing, 
signed  by  the  Applicant;  and  as  minute  a  Description  of  the 


50  A  HISTORY  OF  THE 

Vessel  is  expected  as  the  person  ordering  the  Insurance  can 
give,  respecting  her  Age,  Build,  how  found  and  fitted,  and 
Avhether  double  or  single  decked. 

"2.  All  Policies  will  be  ready  for  Delivery  in  Twenty-four 
hours  after  the  order  for  Insurance  is  accepted  at  the  office, 
and  the  Policy  must  be  taken  up  in  Ten  Days. 

"3.  Xotes  with  an  aj^proved  Endorser  for  all  Premiums 
must  be  given  in  Ten  Days,  payable  as  follows : 

"  For  American  and  West  Indian  Pisques,  in  Three 
Months  after  the  Date  of  Policy. 

"  For  European  Pisques,  in  Six  Months. 

"•  For  Indian  and  China  Pisques,  in  Twelve  Months. 

"  For  Pisques  by  the  Year,  in  Eight  Months. 

"  For  Pisques  for  any  lesser  Time,  in  Three  Months. 

'•  4.  Losses  will  be  paid  in  Ten  Days  after  Proof  and 
Adjustment;  but  if  the  Xote  given  for  the  Premium  shall 
not  have  become  due  within  that  Time,  the  amount  of  it 
shall  nevertheless  be  deducted  from  the  Loss  to  l)e  paid.'' 

Their  advertisement  ofave  **  notice  to  all  whom  it  mav 
concern,  that  agreeably  to  the  above  rules  they  are  ready  to 
receive  all  orders  for  Insurance  which  may  be  addressed  to 
them,  accompanied  with  Directions  to  some  responsible 
House  in  Philadelphia,  for  the  payment  of  the  Premiums 
within  the  time  limited.  In  case  the  Pisques  offered  shall 
be  approved,  the  Insurance  shall  be  immediately  effected, 
otherwise  notice  shall  be  given  either  by  answer  to  the 
Person  ai)plying,  or  his  agent  in  Philadelphia,  as  may  be 
ordered." 


By  the  Prefidcnt  and  Directors  of  thelnfuranceCompany  of  North  America. 

s  for  and  in  iheTJjime  andNamKofairanaJ^tsyjrher  Vafyrytt 


«iPcrIon!>, 


tfl  ^'hom  the  fame'  doth. 


'^  ^"^    '  fhall  appertain,  in  part  or'in  whole,  doT^i^alii  Infurance/  and  cau]e^^r;^^^^2<^is^r    and  them,. and  every  of  thcio 
lnriredj_>ii.iir  not  loll,  at  an  j  from,  y^  .  //a  •    ^  y^  ^      / 


of  lawful  Goods  and  Mcrchandi 
Maftcr  for  ihisprcfent  Voyi 


,  laden 

whaJfoevcr  oiheVKaineor  Names  the' fild  Velfel,  CT  the  M;  ,.,,-., 

chandizes,  from.fnd  immediately  follosiing  the  Loadjng  thereof  on  board  of  fw^ 
and  endure  until  the  faid  Goods  and  Merchandize!  (hall  be  fafely  landed  at  c?^ 
And  it  (hall  and  may  be  la^^ful  for  the  faid  Velfel  in  her  Voyage  to  proceed  and  fail 
or  other  unavoidable  Accident,  without  Prejudice  to  this  Inlurancc.t    Tou        _ 
B!  in  ihii  Voyage,  ihcy  are,  of  the  S^^,-^Me»  e/IK,ir,-i7r«,  EmmM,  Pirmi,  Rrolrjs  Th 
Arrtjl,,  RcJIraM,  and  Dttahmnll.  cfenKi 
LolTci  and  Misfot 


zoning  the.,Adi-c;fture  upon  Ilic  faid  lawful  Good: 
U^C^eXfi^Ci^o^^i^  aforcfaid,  and  fo  Ihall 
_y^        ^  -     —  ^        -  -  aforcraid. 

'ffay  at  any  Porti  or  Places,  if  tnercuntdobliged-by'Streff  of  Weather, 
and  Perils,  which  we  the  Alfurcrs  arc  contented  to  bear,  and  take  upon 
Jrtlifini,  Limntf  Mart,' nnd  Caunlir  Mart,  Siirfri/ah,  Talif 
Quality  feeder.  Barratry  I,/ the  MaJIcr 


'PMli,  iftcbal  Natka,  CAdithn  ir  Sluality  fin-cr.  Barratry  of  lie  MaJIcr  ana  Manner,,  and  all  other  Perils; 

or 'Ihall  come  to  the  Hurt    lifiinient  or  Damage  ofthe  faid  Goods  or  Merchandizes,  or  any  Parairfreof.  'And    m  Cafe  of  any  Loft 

loandforthe  Affured,  -<^.      Faftors,  Scnant,  and  AIT.gns;  (and.the  Arnred'0n.---5?:,y'     .Part  agree^aljd  engag^Aj 

Faflors    Servant-  oJ  AlfSfto  fue,  labour  and  travel  for>  in  and  about  the  Defence,  Safeguard  ,nd-Rrco,-Mvoftl>.  faid  Goods  and 

han  jTzes    of  siv  cart  thereof   without  Preludice  to  this  Infurance,  to  the  Charges  whereof  we  the  affurers  will  contribute  according  lo  the  KETt  and  Ouanutr  of 

banJ.zes,  ot  an)  part  thcreol,  w.tno,.i    rej  this  Policy  of  InfSrance  Ihall  be  of  as  much.rorce  and  EOecT  as  the  forell  Wr.ung  or  Policy  ol  Infurance 


the  Sum  herein  infured.     And  it  is  agreed  by  i 
haetofore  made  in  the  Unitfo  States  of  A 
Property  of  the  Prefidcnt  and  Dircflors  of  the  Infu 
f„rr«,n,e  of  thc  Prcmifcs,  confellins  ourfclvcs  juid 


by  bind  the  Capital  Stock,  and  other  i 
the  Alfured,  ^TZ^  Executors,  AdminiHra*^  and  Al^lgn^  for  the  true  Pera 
fcl' Jht^AlTurance,  by  ihe  faid.  Alfured,  or— ?i<^     jVISgiu,  after  the  Katt  of 


,...«oRA!.DUH^     Iti.a-reed,  Thar  4i.»,- ir«,«i  Indian  C.r..  F.afr,  «-..iiy -rser  rnjy  CrjJ^r  a/Jn.  r,r,j.,ff:a..r  ay^Jtr^,F'r3'J,.mn-Taa'nr1na!^ 
i;;^^AnU,r'ra,.,^'''"Jlrtki"tba,ar.t^^^^^ 

count  of  any  illicit  orjirnhibitcd3rade. 


Early  Marine  Policy  of  the  Insurance  Company  of  North  America,  1795. 


INSURANCE  COMPANY  OF  NORTH  AMERICA.         51 

On  8  July  it  was  "Agreed,  That  Kotes  be  received  for 
Premiums  to  ^ew  Orleans,  payable  in  Four  and  an  half 
months."  On  20  January,  1794,  finding  that  policies  were 
not  always  paid  for  promptly,  the  board  ordered  "in  order 
the  more  certainly  to  enforce  the  payment  of  Premiums  in 
due  Season,  no  Policy  be  subscribed  by  the  President  until 
the  Premium  is  paid,  or  a  note  given  for  the  same  in  the 
accustomed  manner."  And  with  the  precision  of  banking 
rules  on  discounts,  they  ordered  "That  all  Inquiries  for  In- 
surances left  at  this  office  before  12  o'clock  in  the  morning 
shall  be  answered  at  or  before  three  o'clock  on  the  same 
Day,  and  all  Inquiries  left  after  Three  o'clock  and  before 
Six  o'clock,  shall  receive  an  answer  at  or  before  Ten  o'clock 
on  the  succeeding  Day." 

The  matter  of  office  hours  was  considered  on  15  January, 
1795,  and  it  was  resolved, 

"That  the  office  shall  be  open  for  the  Transaction  of 
Business  from  W\\\q  O'clock  in  the  morning  to  Tavo  in  the 
Afternoon;  and  from  Four  in  the  Afternoon  til  Eight  in 
the  Evening.  That  the  attendance  of  the  Secretary  be 
required  from  Ten  to  Two,  and  from  Four  to  Eight  in  the 
afternoon.  That  it  shall  be  the  Duty  of  the  President  to 
attend  this  office  every  Day  from  Eleven  O'clock  in  the 
Forenoon  until  Two  o'clock  in  the  afternoon,  and  from  Five 
o'clock  in  the  afternoon  until  Eight  o'clock.  And  that  it 
shall  be  the  Duty  of  the  Committee  of  the  Week  to  attend 
every  day  from  Twelve  o'clock  until  Two  in  the  afternoon, 
and  from  Six  till  Eight  o'clock." 

And  in  regard  to  applications  foi'  insurance  the  rules  of 
the  previous  January  were  affirmed. 


52  A  HISTORY  OF  THE 

On  2  March,  1795,  "on  the  question  shall  so  large  a  Sum 
as  $35,000  be  taken  in  future  on  Risques  of  the  first 
Dignity,  it  was  unanimously  agreed  in  the  affirmative"; 
showing  the  extent  to  which  the  policies  of  the  company 
were  sought  l)y  the  large  shippers  of  the  country.  On  8 
May,  1809,  the  lines  had  been  increased  to  |40,000. 

The  difficulty  of  investing  the  accumulating  funds  of  the 
company  led  to  the  question  of  loaning  on  Respondentia, 
which  was  reported  favorably  upon  by  a  committee  on  17 
^N'ovember,  1794;  and  on  16  March  following,  on  receipt  of 
an  application  for  such  a  loan  from  Captain  Tingey,  the 
board  decided  unanimously  to  make  such  loans,  and  on  the 
30th  "it  was  agreed  that  five  thousand  dollars  should  be 
lent  to  Capt.  Tingey  on  Respondentia,  at  Eighteen  Months' 
credit,  at  twenty-five  per  cent,  (including  premium  of  in- 
surance) for  the  eighteen  months."  A  form  for  Responden- 
tia Bond  was  approved  13  Api-il.  On  21  May  the  President 
and  Committee  of  the  Week  were  authorized  "to  write  open 
policies  in  cases  in  which  they  may  judge  it  expedient,  and 
at  such  a  premium  as  they  shall  think  adequate  to  the  risk." 
By  the  minutes  of  8  May,  1809,  the  loans  on  Respondentia 
were  limited  to  f  20,000.  The  amount  of  this  business  was 
not  large  in  the  course  of  years,  and  proved  unprofitable 
in  the  aggregate,  and  was  finally  declined  altogether. 

The  success  of  the  company  during  its  early  years  was 
certainly  remarkable  considering  the  period,  for  its  begin- 
nin<r  was  during:  the  time  of  bitter  warfare  between  Great 
Britain  and  France,  when  both  parties  made  free  on  the  high 
seas  Avith  any  property  afloat  upon  Avhich  they  could  make 
any  claim.    "Our  vessels  began  to  be  boarded  and  captured 


INSURANCE  COMPANY  OF  NORTH  AMERICA.        53 

by  the  various  parties  engaged  in  the  great  European 
struggle,  and  most  of  all  by  France,  who  mindless  of  her 
Treaty  of  Alliance  with  us  [6  February,  1778],  as  well  as 
of  the  Treaty  of  Amity  and  Commerce,  which  was  con- 
cluded upon  the  same  day,  entered  upon  a  systematic  course 
of  capture  and  confiscation."  *  General  Washington's  pro- 
clamation of  neutrality  of  22  April,  1793,  was  the  inciting 
cause  to  the  depredations  of  the  French  on  our  commerce, 
as  they  claimed  our  neutrality  was  in  violation  of  the  treaty 
of  1778.  So  severe  losses  had  already  been  experienced  by 
our  shippers,  that  in  less  than  a  year,  on  27  August,  1793, 
they  were  invited  by  the  Secretary  of  State,  to  throw  their 
claims  in  the  hands  of  the  govei-nment,  and  trust  to  it  for 
redress.  The  drain  on  the  company's  resources  became 
heavy  from  these  causes,  yet  they  continued  to  take  the 
increased  hazards,  hoping  an  end  might  be  reached  to  the 
struggle.  In  those  days  of  slow  communications,  they 
were  earning  heavy  losses  by  both  British  and  French 
cruisers,  and  many  months  would  elapse  before  the  tidino-s 
reached  the  office,  and  in  the  meanwhile  they  were  issuino- 
policies  which  in  turn  might  realize  to  them  accumulatino- 
losses.  The  alarm  of  the  board  first  finds  expression  on 
12  October,  1795,  when  it  was  ''resolved,  that  Messrs. 
Ralston,  Fry  and  Smith  wait  on  the  Secretary  of  State  and 
inform  him  that  a  Report  prevails  that  the  French  cruisers 
have  orders  to  Capture  all  vessels  bound  to  British  Ports 
and  request  him  to  apply  to  the  French  minister  to  know 
whether  this  is  so  or  not."     On  the  29  February  following, 

*  Address  prepared  by  Messrs.  Wallis,  Macalester  and  Hiltou,  by  order  of 
the  Convention  of  Claimants,  held  in  New  York,  13  October,  1856. 


54  A  HISTORY  OF  THE 

Messrs.  Ball,  Fiy  and  Ralston  were  appointed  a  "Com- 
mittee to  arrange  and  state  the  claims  of  this  company 
against  the  Government  of  Great  Britain,  and  the  Captor 
or  others,  into  whose  hands  the  Property  may  haye  came, 
in  cases  of  Capture  and  Depredation  in  the  American 
Trade,  so  far  as  concerns  this  Company,  to  consult  Counsel 
thereon  if  they  find  it  expedient,  and  deyise  the  proper 
mode  of  prosecuting  our  claims  arising  thereon,  either 
through  the  Interyention  of  the  Government  of  the  United 
States  or  otherwise."  On  16  April  a  committee  was 
appointed  to  confer  with  the  Insurance  Compau}^  of  the 
State  of  Pennsylvania  and  the  private  underwriters  Avho 
had  appointed  committees  to  meet  and  consider  what  steps 
are  necessary  to  be  taken  in  the  present  state  of  aftairs; 
and  at  a  meeting  the  following  day  the  board  adopted  the 
recommendation  of  the  conference  to  decline  under writinof 

o 

any  marine  risk,  peace  risks  excepted,  "  conditioned  that  it 
be  adopted  by  the  other  Insurers  in  Philadelphia."  But 
this  action  was  repealed  on  12  September,  as  the  recom- 
mendation had  not  been  carried  into  execution  at  the  other 
offices.  On  8  October  another  committee  was  raised  to 
"wait  on  the  Secretary  of  State  to  obtain  such  further 
information  as  he  can  furnish"  on  the  order  given  by 
France  to  capture  neutral  vessels  in  order  to  distress  the 
commerce  of  Great  Britain,  tidings  of  which  had  reached 
them  "through  the  !N"ewspapers  and  in  private  letters 
from  England."  On  20  January,  1797,  a  committee  was 
appointed  to  form  some  rules  for  the  Rates  of  Premiums 
in  view  of  "the  late  alarming  intelligence  concerning  Cap- 
tors and  Seizures  of  American  Vessels  by  French  Cruizers." 


INSURANCE  COMPANY  OF  NORTH  AMERICA.         55 

On  19  June,  1798,  it  was  "agreed  not  to  insure  to  French 
ports  unless  with  a  warranty  against  capture  and  seizure 
by  the  French." 

The  United  States  sought  in  various  ways  redress  from 
the  French  government  for  these  spoliations  by  the  latter 
upon  the  commerce  of  its  people;  but  the  French  held  the 
United  States  to  the  stipulation  of  the  treaty  of  1778,  in  its 
eleventh  article,  that  the  latter  should  guaranty  to  the  for- 
mer forever,  against  all  other  powers,  its  then  possessions 
in  America.  This  the  United  States  could  not  now  do 
without  certain  collision  with  Great  Britain,  and  this  the 
country  was  not  in  a  condition  to  encounter.  France 
claimed  that  the  United  States  had  proved  faithless  herein, 
and  pressed  the  claim  against  any  redress  for  the  spoliations. 
The  United  States  had  in  various  ways  sought  release  from 
this  guaranty,  even  offering  a  money  equivalent  for  it,  but 
France  would  not  forego  the  letter  of  the  article.  Finally, 
agreement  was  reached  by  the  convention  of  30  September, 
1800,  the  result  of  which  was  the  two  nations  renounced 
their  mutual  pretensions,  our  government  surrendering  the 
claims  of  her  citizens  in  consideration  of  being  released  by 
France  from  her  guaranty.  "  Thus  did  our  government,  after 
long  years  of  negotiation  and  angry  contention  on  behalf 
of  the  claimants,  after  having  instructed  its  ministers 
strenuously  to  insist  upon  indemnity  for  their  wrongs,  and 
after  having  secured  every  acknowledgment  of  its  justice 
from  the  nation  by  whom  it  was  due — by  one  act  overthrow 
the  whole  train  which  was  in  operation  for  their  relief — 
negotiate  away  their  interests  to  secure  public  benefit,  and 
leave  them  helpless  and  defenceless." 


56  A  HISTORY  OF  THE 

The  claimants  became  alarmed  at  this  turn  of  affairs  and 
promptly  took  steps  looking-  to  the  United  States  for  redress. 
On  12  Febrnary,  1801,  the  directors  ''ordered  that  an 
account  of  all  illegal  Captures  made  b}'  the  British  and 
French  be  made  out  for  the  purpose  of  representing  the 
same  to  the  Government  of  the  United  States,  and  that  the 
President,  if  he  should  find  it  necessar}',  be  empowered  to 
employ  a  person  for  that  purpose."  On  6  March  scales  of 
rates  were  adopted  to  meet  these  pii*atical  hazards,  as  such 
in  fact  they  were,  for  the  convention  of  September.  1800, 
only  referred  to  past  and  brought  no  exemption  from  future 
spoliations;  after  an  effort  to  agree  upon  some  uniform 
action  with  the  other  local  underwriters  had  failed,  the  only 
point  of  agreement  between  them  being  "that  the  risque  of 
seizure  in  Port  ouo-ht  not  to  be  borne  bv  the  Assurers." 
On  26  May  a  committee  reported  to  the  l)oard  that  '"the 
number  and  amount  of  the  Companies'  claims  on  the  British 
Government  for  Spoliations  on  Property  which  they  think 
that  nation  ought  to  refund  is  about  $981,355;  other  losses 
occasioned  to  this  office  by  Capture  of  the  British  and  for 
which  there  is  no  expectation  of  reimbursement  is  about 
$78,800.  With  respect  to  the  Captures  made  by  the 
French,  your  Committee  can  only  state  that  they  amount  to 
about  $1,952,730,  and  that  they  deem  it  much  the  Interest 
of  the  Company  to  have  them  correctly  arranged  with  all 
their  Proofs  as  soon  as  possible,  in  order  to  demand  resti- 
tution when  such  restitution  may  be  expected."  On  14 
December,  1802,  the  president  reports  his  correspondence 
with  Mr.  Ilollins,  president  of  the  Maryland  Insurance 
Company,  relating  to  the  employment  of  ''able  Counsel  to 


-   y 


INSURANCE  COMPANY  OF  NORTH  AMERICA.        57 

write  in  support  of  the  claim  which  the  sufferers  by  French 
sjJoHations  have  upon  the  Government  of  the  United  States 
in  consequence  of  the  kite  Treaty  with  France  which  pro- 
hibits them  from  claiming  from  the  French  Government." 
On  21  May  following-,  the  president  was  authorized  to 
confer  with  the  presidents  of  other  insurance  companies,  as 
well  as  with  pi'ivate  claimants,  to  take  order  respecting 
applications  to  Congress  on  account  of  the  spoliations. 

But  it  is  not  needed  to  recite  the  various  minutes  of  the 
board  in  this  giievance  against  the  National  government, 
nor  the  various  steps  taken  by  counsel  and  in  memorial,  to 
seek  redress  from  year  to  year,  and  how  twice  on  the  eve 
of  success,  a  presidential  veto,  on  ba-seless  arguments,  had 
thrown  the  claimants  back.  Between  the  years  1827  and 
1816,  twenty-two  reports  of  committees,  all  in  favor  of  the 
claimants  had  been  made  in  the  two  houses  of  Congress, 
each  by  a  bill,  and  for  live  millions  dollars  indemnity.  In 
the  first  session  of  the  Congress  of  1816,  both  houses 
united  on  a  bill,  which  was  vetoed  by  President  Polk  on 
10  August,  then  on  the  eve  of  his  wai"  with  Mexico.  The 
claimants,  however,  returned  to  the  matter  in  the  following 
session,  and  in  January,  1855,  both  houses  united  on  the 
bill,  which  was  in  its  turn  vetoed  by  President  Pierce  on 
17  February.  Each  of  the  following  Congresses  witnessed 
the  introduction  of  measures  of  restoration,  but  the  war  of 
1861  to  1865  prevented  further  consideration  of  the  matter, 
until  in  the  XLYII  Congress  a  bill  was  inti'oduced  by 
Senator  Hoai",  providing  for  a  reference  of  these  to  the 
Court  of  Claims,  which  passed  15  December,  1882,  but  did 
not  reach  consideration  in  the   House.     In  the  following 


58  A  HISTORY  OF  THE 

Congress  the  same  bill  was  presented  by  Senator  Fr3'e  and 
passed  the  Senate,  and  reaching  its  passage  in  the  House 
14  January,  1885,  it  met  the  approval  of  President  Arthur. 
The  Directors  can  now  look  forward  to  a  period  when  the 
corporation  can  secure  some  restitution  for  the  heavy  losses 
of  its  early  years. 

The  claims  for  losses  by  British  cruisers  were  met  under 
Mr.  Jay's  treaty,  Avhich  was  ratified  in  179(3,  b}"  which  that 
government  '*  paid  to  the  merchants  of  the  United  States  for 
captured  vessels  an  indemnity  amounting  to  $11,650,000.'' 
The  losses  by  Spanish  cruisers,  and  those  for  which  Spain 
was  responsible  in  harboring  the  prizes  taken  by  the 
French,  were  eventually  settled  by  the  treaty  which  secured 
to  us  the  possession  of  Florida;  and  the  directors  in  July, 
1821,  were  enabled  from  this  payment  to  make  a  dividend 
of  sixty  per  cent,  to  their  stockholders;  dividing  $300,000, 
w^hen  their  surplus  did  not  exceed  $20,000. 

The  marine  business  of  the  Company  exhibited  some 
remarkable  fluctuations;  and  as  the  directors  of  those  early 
days  had  not  learned  the  lesson  of  a  solid  surplus,  they 
divided  the  profits  to  the  stockholders,  not  forecasting  the 
storms  which  would  come,  and  their  want  of  thought  in 
this  respect,  more  than  once  brought  the  corporation  to  the 
brink  of  ruin.  Tha  marine  premiums  written  to  the  close 
of  the  year  1793  amounted  to  $213,105.31,  and  the  losses 
paid,  to  $38,481:.16.  In  1794  the  premiums  were  $290,656.83, 
and  they  increased  to  $1,304,208.91  in  1798,  when  they  began 
to  decrease,  and  in  1802  they  were  but  $103,902.26.  This 
first  decade  showed  premiums  written  $6,037,456.71,  and 
losses   paid,  $5,500,887.57.     The   premiums  of  1802  wei-e 


INSURANCE  COMPANY  OF  NORTH  AMERICA.        59 

trebled  by  1805,  and  again  in  1806 ;  but  in  1808  the  premiums 
were  but  |5,843.55,  and  the  losses,  $108,568.93;  and  the 
years  1809  to  1812  inclusive,  showed  an  annual  average 
of  but  145,449.  This  second  decade  gave  premiums 
$1,364,63748,  and  losses  paid,  $1,583,83647.  It  will  be 
seen  further  on  how  different  were  the  results  dnrino-  the 
same  periods  of  the  fire  business,  though  in  magnitude  of 
premiums  it  seemed  but  a  modest  department  of  the  com- 
pany. From  1813  to  1822  inclusive,  the  third  decade,  the 
premiums  written  Avere  but  $276,764.30,  while  the  losses 
paid  were  $335,554.06.  The  succeeding  decade,  1823  to 
1832  was  yet  more  discouraging,  for  the  premiums  were 
$160,138.70,  and  losses  $227,954.57.  The  years  1833  to 
1842  noted  the  upward  tendency,  the  premiums  being 
$428,584.16,  and  the  losses  only  $358,332.78.  The  decade 
succeeding,  gave  the  premium  account,  $2,855,189.98,  and 
the  losses,  $2,153,679.96. 

The  company  began  its  operations  at  a  period  in  the 
commerce  of  Philadelphia  when  its  sujDremacy  was  acknowl- 
edged, and  when  its  capitalists  and  shippers  had  their 
ventures  in  all  quarters  of  the  globe.  This  sceptre  gradually 
passed  from  Philadelphia  to  its  older  neighbor  JS'ew  York, 
and  with  the  enlarging  number  of  companies  at  home  and  in 
other  cities,  and  a  reduction  of  rates,  the  lessening  business 
of  the  company  can  be  explained.  Of  their  active  associates 
in  the  business  in  the  city  during  the  first  third  of  a  century 
of  their  existence,  the  Phoenix  (1803),  Philadelphia  (1804), 
Delaware  (1804),  Marine  (1809),  United  States  (1810)  and 
Atlantic  (1825),  each  in  its  time  closed  its  business, 
evidencing  the  severe  trials  which  marine  underwriting  in 


60  A   HISTORY  OF  THE 

particular  underwent  at  that  period;  and  the  State  of  Penn- 
sylvania and  the  Union  (1804)  alone  survive  to  testify  to  the 
struggles  of  those  days.  Of  the  New  York  companies  who 
were  contempoi'ary  with  these,  the  Knickerbocker,  as  the 
successor  of  the  old  ^Mutual  Assurance  Company  (1787) 
and  the  Eagle  (1806)  alone  survive,  and  the  remainder, 
namely,  the  ]N^ew  York  (1796),  Associated  Underwriters 
(1797),  United(1797),  Columbian  (1801),Washington  Mutual 
(1802),  Marine  (1802),  Commercial  (1804),  Phoenix  (1807), 
Firemen's  (1810),  Ocean  (1810),  liave  all  passed  away.  The 
oldest  company  in  IS^ew^  York  issuing  marine  policies  is  the 
Sun  Mutual,  organized  in  1841.  The  oldest  company  in 
Boston  so  writing  is  the  American,  organized  in  1818. 


INSURANCE  COMPANY  OF  NORTH  AMERICA.        61 


VI. 

FIRE  BUSINESS. 

IMMEDIATELY  after  incorporation,  Fire  Insurance 
suggested  itself  to  the  directors.  The  two  local  mutual 
companies  insured  buildings  alone ;  and  no  instrumen- 
tality existed  to  offer  indemnity  to  merchants  and  manufac- 
turers for  their  losses  by  fire  on  land;  if  the  company  could 
take  all  the  risks  of  the  sea,  with  fire  included,  why  should 
it  not  take  the  risk  of  fire  on  land ;  and  while  protecting  the 
merchant  by  their  policies  on  his  sea  ventures,  could  they 
not  offer  him  a  policy  to  cover  his  ventures  when  safely 
landed  and  stored  in  his  warehouses.  At  a  meeting  of  the 
directors  on  28  April,  1794,  it  was  "proposed  to  form  a  Plan 
for  Insuring  Goods,  Wares,  and  Merchandises  in  Dwelling 
Houses,  Wavehouses  or  Stores  and  upon  Buildings,  against 
the  Risque  arising  from  Fire  " ;  and  Messrs.  Swan  wick,  Blod- 
get  and  Fry  were  appointed  a  committee  to  consider  the 
subject.  The  committee  reported  in  favor  of  the  plan  on  11 
July,  and  "on  the  question,  will  the  Company  insure  the  full 
sum  the  Goods  in  Store  are  valued  at,  or  two-thirds  of  said 
Value,  it  was  determined  in  favor  of  insuring  the  full  sum, 
by  eleven  votes  against  one.""  But  the  summer,  with  its 
renewed  visitation  of  yellow  fever,  prevented  action.  On 
13  October,  the  "Proposals  for  Insurance,"  or  conditions 
as  we  now  style  them,  were  adopted  and  ordered  printed 
and  advertised,  and  the  new  fire  policy  was  approved  on 


62  A  HISTORY  OF  THE 

10  ^N^ovember.  On  24  ^N^ovember,  William  Garrigues  was 
appointed  Surveyor  of  Houses,  and  on  8  December,  a  badge 
was  adopted  to  be  attached  to  houses  upon  which  policies 
were  to  be  issued,  agreeably  to  the  custom  of  the  two  older 
mutual  companies  of  the  city,  which  was  a  wavy  star  of 
six  points,  cast  in  lead,  and  mounted  on  a  wooden  shield; 
and  at  the  same  meetino:  it  was  determined  not  to  make  anv 
insurance  on  frame  Houses  or  Stores,  or  on  Goods  in  either 
of  them ;  this  rule  was  not  adhered  to,  however,  as  by  the 
minutes  of  27  March,  1798,  refei'ence  is  made  to  the  practice 
of  insuring  wooden  buildings,  and  the  question  raised  how 
far  it  will  be  proper  to  continue  it.  On  10  December, 
1794:,  the  first  two  policies  Avere  issued,  namely: 

IS^o,  1.  William  Beynroth,  on  German  Dry  Goods,  in  the 
House  :N'o.  21  High  Street,  for  three  years,  for  $8,000,  at 
30  cents  per  annum,  the  premium  being  $64,  which  was  on 
the  scale  of  two  and  two-thirds  years'  premium  for  a  term 
of  three  years. 

ISo.  2.  Lawrence  Harbert,  on  Dry  Goods,  §5,000,  and  on 
Furniture  and  Wearing  Apparel,  $1,300,  in  the  House  Xo. 
161,  on  the  Korth  Side  of  High  Street,  for  one  year,  at 
30  cents. 

The  demand  for  the  fire  policies  was  limited,  but  the 
amounts  sometimes  written  on  a  single  policy  made  a  fair 
average  of  business. 

On  the  22  December,  Xo.  6  was  issued  to  John  Wliite- 
sides  for  $25,000,  being  §23,000  on  Linen,  Woolen  and 
Silk  Goods,  and  $2,000  on  Furniture  and  Wearing  Apparel, 
"in  the  Dwelling  House  and  Store  adjoining,  both  included 
in  Xo.  136,  on  the  South  Side  of  High  Street,"  for  one  year 


^.^' 

^M^ 


^t^,J^ff^c^^  (iy^^/&/C  i^-^iTl/m^  y^yu^A^ 


sW/ 


.S'oo. 


<^a^o&y  ^(y^i 


'CCCt^U 


OU£^  CtfOf^ 


~y^-  c^if^'i^-^- 


A^/3 

^1^ 


A 


\ 


CF^oCqtiyJ^(^'^'^ 


2 


^6 


^0. 


/ 


'^ 


:^, 


FinsT  Page  of  Fire  Blotter. 


INSURANCE  COMPANY  OF  NORTH  AMERICA.        63 

at  60  cts.  No.  7  was  issued  on  the  31st  to  Wells  and 
Morris,  on  Ironmongery,  Saddlery  and  Hardware,  in  the 
House  '^o.  135  High  Street,  for  $16,000,  at  45  cts. 

On  19  January,  1795,  the  Secretary  was  directed  to  have 
printed  5,000  of  the  "Proposals,"  to  be  distributed  at  the 
houses  of  the  Inhabitants  of  the  City,  a  stroke  of  activity 
not  common  in  corporate  circles  of  that  day. 

The  badge  of  a  star  was  shortly  disused,  for  we  find  on 
26  December,  1796,  the  adoption  of  an  eagle  rising  from  a 
rock,  as  an  alternate  with  the  star,  "the  Insured  to  have 
their  option  of  the  Badges'';  the  eagle  we  yet  see  on  some 
of  the  buildings  in  the  eastern  part  of  the  city.  But  one  of 
the  star  badges  is  known  to  exist,  and  that  was  recognized 
only  six  years  ago  on  the  building  now  ]^o.  229  south 
Front  street,  in  which,  upon  examination  of  the  policy 
register,  it  was  found  that  Policy  IS'o.  4  covered  $8,000  on 
wines  and  teas,  for  one  year,  at  30  cents. 

The  insurances  at  first  were  exclusively  on  town  risks; 
but  after  a  consideration  of  an  extension  of  this  branch,  it 
was  agreed  on  9  March,  1795,  "that  Brick  or  Stone  Houses 
within  ten  miles  of  the  City  (in  Pennsylvania),  may  be 
insured  against  fire.''  A  year  elapsed,  when  greater  exten- 
sion was  given,  and  18  April,  1796,  the  Directors  "having 
considered  the  expediency  of  affording  the  Public  an 
opportunity  to  make  Assurance  on  Buildings"  from  Firt' 
beyond  the  limits  heretofore  prescribed,  they  determine  to 
"allow  the  same,  jirovided  they  be  situated  within  the  United 
States,  and  premiums  adequate  to  the  risk  in  the  opinion  of 
the  President  and  Committee  of  the  Week  be  paid  for  the 
same.     And  provided  also,  however,  that  on  hazardous  in 


64  A  HISTORY  OF  THE 

the  vicinity  of  Philadelphia,  and  denominated  of  the  first 
class,  no  single  risk  shall  exceed  Six  Thousand  Dollars 
unless  situated  in  a  principal  Town  or  City,  nor  be  accepted 
at  a  less  premium  than  a  half  "^  cent,  per  annum ;  and  pro- 
vided also,  that  on  hazards  of  the  second  class,  no  greater 
risk  on  a  single  building  shall  be  taken  than  four  thousand 
Dollars,  and  that  no  less  a  premium  than  three-fourths 
1^  cent,  annually."  And  "That  the  Insurance  on  Wooden 
Buildings  shall  not  be  considered  to  be  precluded  by  any 
article  in  our  printed  proposals,  but  that  when  two  or  more 
wooden  buildings  adjoin,  a  larger  premium  shall  be  required 
than  is  demanded  on  a  sing-le  wooden  buildino*."  Prior  to 
this  the  same  risks  beyond  the  line  sanctioned  9  March, 
1795,  had  been  accepted,  and  on  29  February,  it  was 
resolved,  "the  Insurances  which  have  been  so  made  be  and 
they  are  hereby  approved  and  confirmed."  On  27  February, 
1798,  "the  Board  is  of  opinion  that  it  is  not  expedient  to 
have  an  Agent  at  Charleston  authorised  to  take  Risques 
against  Fire,"  which  minute  points  to  the  first  offers  of  a 
distant  agency.  On  19  April,  1798,  a  total  loss  on  a  risk  on 
Maiden  lane,  Xew  York,  was  suspected  to  be  of  incendiary 
origin,  and  a  reward  of  $1,000  was  ottered  "for  discovering 
and  prosecuting"  the  supposed  incendiary,  which  was  duly 
advertised  in  the  !N'ew  York  papers. 

On  16  January,  1804,  the  president  referred  to  the  board 
"the  demands  of  applicants  for  insurances  against  fire  to 
have  the  premiums  reduced"  which  the  board  wiere  not 
prepared  to  order,  leaving  them  to  the  president  and  the 
committees  to  make  according  as  they  should  deem  it 
expedient  Avhere  circumstances  Avould  fairly  admit  of  small 


IJVSURAJVCE 

T  LOSS  OR  DAMAGE  B 

BY  THE 

Insurance  Company  of  North  America. 


AGAINST  LOSS  OR  DAMAGE  BY  FIRE 

BY  THE 


_  IIHE  President  and  Directors  of  the  Insurance  Company  of  North  America,  in  the  city  of  Phila. 
yffi'n;  being  desirous  to  employ  the  capital  of  said  company  to  purposes  useful  to  the  public  03  well  a3 
laeficial  to  the  institution,  have  resolved  to  extend  (heir  Insurances  against  losses  or  damage  by  Fire, 
§itoQdifiercnt  parts  of  the  United  States;  on  buildings  of  every  dcscripuon,  as  well  as  on  gcwds,  wares, 
^^  merchandize  of  all  kinds.  And  upon  such  niodcnitc  and  libera]  terms,  as  it  is  presumed  will  induce 
pMay.to  avail  thembclves  of  the  means  thus  oflcrcd ;  to  protect  themselves  from  the  destructive  injury 
■DAcq;ucolly  occasioned  by  fire. 


Among  the  various  claims  which  ha\-el>ccn  made  against  ITie  company  for  losses  l)y  Srenonce'^ 
Srst  establishment  (now  more  than  thirteen  years)  no  instance  of  a  legal  controversy  has  occamd^  bOk 

twcen  the  company  and  ihe.assured But  on  the  contrary,  all  claims  for  losses  of  this  nature,  have.beed 

adjusted  and  paid  with  the* utmost  promptitude;  which  circumstance^  together  with  the  ampleTcipitu 
the  company  possess,  gives  them  a  fair  claim  to  public  confidence* 


RATES  OF  ANNUAL  PREMIUMS  TO  BE  PAID  FOR  ASSURANCES  AGAINST  FIRE, 


Jitt  Inttldings  adjoinmg  to  or  sUuatfiJ near  to  kasardout  huiUTingt,  or  in -which  hoTnrtfous  goods  are  >  jewellrtf,  and  all  articles  more  than  eomrnQnly  fialile  to  injunj  hu  toff,  suddetcremmat^  Br.t^eft^arotfBA 

9fffff^  hazardous  iiusiness  carried  on,  will  be  cliarged  at  an  extra  premium;  subject  to  such  variation  as  \  alarm  of  fire, 

|A(jwfur«  oftia  risk  mat/  require.  s  Jiuildings  tn  which  the/ollawlng  acciipalioni  are  carried  on,  are  also  extrefTiazardovs^to  iPlt^^^TalCyTBt 

W:^' The  following  articles  are  deemed  extra  hazardous,  and  also  buildings  in  which  they,  or  any  of  s  efumdlers,  brewers,  hemp  arid  fiax  dressers,  painters,  coopers,  carpenters,  cabinet  makeri,'coach^^rriag9 

Pk*m,are  contained,  though  in  various  degrees,  to  wit: — Fitch,  tar,  turpentine,  rosin,  wax,  tallow.  Oil,  \  makers,  malt  houses,  bakers,  ship  cliandlers,  boat  builders,  rope  makers,  suga^  refincai  tTtstilletXie^BluUi 

vrintf  tpiritt,  sulphur^  hemp,  fax,  cotton,  glass  and  china  ware,  especially  if  unpacked,  looking  glasses,  \  varnish  or  turpentine  works,  theatres,  mills,  and  machinery  generally. ' 


^1  PcTEons  desirous  to  make  insurancc'^on  biiildine  in  places 
WDcre  the  Company  have  no  agent,  must  accompany  their  appli. 
cations  with  a  description  of  the  property  to  be  insured,  to  be  made 
hfM  master  car^nter,  and  signed  by  him  as  well  as  by  the  oivncr 
or  applicant,  and  attested  before  a  notary  or  magistrate,  who  will 
cerUly  his  knowledge  of  the  parties  and  their  credibility.  The  site 
and 'position  of  the  DuUding  must  be  described;  tlie  street  or  ro:id 
«n  which  it  stands,  its  contiguity  to  water,  and  paniculariy  whe. 
iher  any  or  what  fire  companies  arc  established,  and  engines  pro- 
vided  in  the  place  or  neighbourhood. — The  materials  of  which  it 
Ss  bnilt,  how  secured  by  baltlemcnU  or  party  walls,  what  kind  of 
Mccu  to  the  top  of  the  house^  and  how  the  ashes  are  generally  dcJ 

.  II.  The  dimensions  of  the  building,  the  style  In  which  It  is 
fiiCshcd,  and  how  occupied,  whether  merely  as  a  dwelling  house, 
or  for  any  other  purpose,  and  for  what  purjiosc  j  also,  an  estimate 
sC^  value  of  the  building,  independent  of  the  ground. 

Jill.'  The  shuation  with  respect  to  other  buildings  or  back  build* 
fegB^  whether  adjoining  or  not ;  comprehending  at  least  one  hun- 
rii«d  feet  each  way — What  kind  of  buildings  arc  within  that  dis- 
boot,  how  built,  of  what  materials,  how  occupied,  whether  as  pri- 
VHc  dwellings  or  othenvisc. 

^IV.  No  insurance  will  be  eHcclcd  on  more  than  two  contiguous 
Inildtngs,  if  built  of  wood,  or  on  propcny  therein  ;  nor  on  more 
dan  ihree  contiguous  buildings  if  built  of  brick  or  stone,  or  on 
bropmy  therein. — And  there  must  be  a  space  of  at  least  fifty  fe;t 
between  such  wooden  buildings  and  any  other  property  insured, 
hnd  a  space  of  thirty  feet  between  kuth  brick  or  stone' buildiiiKs 
ind-Othor  property  insured. 


CONDITIOXS  OF  INSUIRAXCE. 

V.  No  insurance 
on  property  therein, 
ihercot 

VI.  AVhen  insurance  is  wanted  on'goods,-  a  general  de- 
scription of  the  building  in  which  they  are  kept  must  be  given, 
similar  in  all  respects,  as  to  danger  from  fire  with  tliat  rcnuirctl 


for 


opened. 

VII.  If  any  person  shall  "insure  any  building  or  goortsTanH 
shall  cause  the  same  to  be  described  otherwise  than  as  they  really 
arc,  so  as  the  same  be  charged  at  a  lower  premium  than  tvould  be 
demanded  if  the  true  situaUon  thereof  were  made  known,  such  In- 

VIM.  No  insurance  is  binding  until  the  stipulated  prcmiumT>e 
paid;  but  It  shall  be  deemed  effectual  from  the  time  of  such  payj 
mcnt  whedier  tlie  policy  be  signed  or  not. — And  insurances  may 
Dt  continued  or  renewed  at  the  expiration  of  the  term  of  the  po- 
licy, without  further  expense  than  the  payment  of  the  premium  of 
the  renewed  term ;  provided  the  circumstances  of  tlic  risk  remain 
OS  when  first  insured,  or  it  is  not  increased. 

IX.  If  any  oihtr  insurance  be  made  on  the  same  properly,  no* 
lice  thereof  must  be  given  to  tliis  office,  and  indorsed  on  the  policy! 
othenvisc  the  insurance  will  be  void. — j'Vnd  in  c;isc  of  such  insure 
anee,  each  office  shall  bear  a  ratcible  proportion  of  any  loss  wliich 
may  be  sustained. 

X.  Goods  held  in  trust,  or  on  consignment  maybe  insured  ai 
*uch  in  a  separate  policy,  but  they  arc  not  to'  be  considered  as  im 
surcd  oibcnvlse.    S'or  nrc  bills  of  exchange,  bonds  and  other  ic- 


euntles,  dtlc  dcedsTmoncy,  bank  and  oQiernoic^  oemirToreiia 
less  by  special  agreemcoi 

Xt.  Hiis  Company  mil  not  be  liable  or'accountaBlelTornnf 
loss  or  damage  occasioned  by  ihc  in\asion  of  an'encmy,'or'b5Can^ 
military  or  usuq)cd  force,  or  by  n;3sun  of  any  civil  commotion,-ot 
occasioned  by  gunpowder,  atjua-fortis,  or  otlicr, lliifig  of  ih^Jiko 
kind  kept  in  buildings,  or  among  the  property  insured* 4inlS£Jb^ 
speci.J  agreement. 

.XII.  No  Insurance  >vill  be  ma5i!6n'buTding«lT^S<Bortef 
term  than  one  )'car,  nor  for  a  longer  term  than  set  cifyears.''— Per* 
sons  who  insure  for  seven  years  shall  be  alloived ''ontf_j-ea£!«irc» 
tniuni  asa  discounl;'and  one-third  of  a  y'ar'srprcmium'"rfnSwyo# 
surancc  for  three  years. — Insurance  may,  however^  betelTditeiuili 
goods  in  packages,  for  any  term  not  less  llian'sixly,d.-iys. 

XIII.  Losses'  siistaincil  by  fire  on  property  ,insurc<fS^^Kl9 
offiec,  shall  be  paid  in  ilurty.dajs  after  due  proof^and  Jiquiditlba 
thereof,  without  deduction i/and.it, is  tcEjbciundcrstootl' tliaCUba 
Company  make  good  losses  "on  propcriyJmsured.by^thcm'if  bOlw 
by  lightning,  and  also  any  damage  .wliiclPgoods  maj?  sustau  tr~ 
wet,  sudden  removal  or  thcf^jjvhuiititapj»:nsi)y. 
sequence  of  a  fire. 

JCIV.  Letters  6r*in<|mfyfposfi«i3)Tintror(ler3^r' 
accompanied  by  the  mc;i.i%  of  payiiigiUsLl>reniIum^iifIUi>e  gnung> 
ly  attended  to,,  if.  addressed- to 

JOILN'  INSK££Fy  ria^ab 


Proposals  for  Fire  Insurance  issued  in  1806. 


INSURANCE  COMPANY  OF  NORTH  AMERICA.        65 

alterations,  "so,  however,  as  not  to  go  below  25  cents  for 
f  100  per  annum."  This  doubtless  may  have  been  induced 
by  the  increased  competition  of  the  two  new  companies,  the 
Union  and  the  Phoenix,  who  as  well  added  fire  underwriting 
to  marine,  and  who  began  operations  before  incorporation 
was  consummated. 

On  19  May,  1807  the  society  for  protecting  property 
from  loss  in  case  of  fire  made  application  for  assistance, 
and  the  president  was  directed  "to  pay  as  a  Contribution 
to  said  Company  the  sum  of  $50.""  This  institution  w^as 
the  early  forerunner  of  our  present  Fire  Patrol,  but  of  its 
work  and  its  duration  we  find  here  no  further  trace. 

Policies  had  been  from  time  to  time  issued  covering 
j)roperties  in  distant  localities  where  the  applicant  had  been 
known  to  the  company;  this  led  to  extending  the  business 
more  systematically;  and  on  6  October,  1807  Mr.  Alexander 
Henry  presented  an  address  "on  the  subject  of  extending 
Insurances  against  Fire  to  Lexington,  in  Kentucky,"  on 
which  Messrs.  Henry,  Taylor  and  Read  "were  appointed 
a  Committee  to  consider  as  to  the  benefit  and  propriety  of 
extending  insurances  against  Fire  generally  to  other  Cities 
and  Towns  in  other  States  beyond  what  is  now  customary 
to  take."  On  3  N^ovember  the  committee's  favorable  report 
was  adopted,  and  they  Avere  directed  "to  digest  and  report 
such  limitations,  regulations  and  restrictions  as  it  may  be 
thought  prudent  to  recommend."  And  on  1  December, 
the  board  adopted  their  resolutions,  which  were  carefully 
drawn,  looking  to  a  cautious  business,  one  of  which  em- 
powered the  president  ""to  appoint  suitable  and  trusty 
persons  at  such  places  as  he  shall  think  advisable  to  act  as 


66  A  HISTORY  OF  THE 

Surveyors  and  Agents  of  the  Company,"  and  "to  instruct 
each  agent  of  the  Company  as  to  the  execution  of  his  ti'ust 
and  furnish  him  with  such  information  as  he  may  think 
proper."  This  was  the  beginning  of  a  fire  agency  business 
which  half  a  century  developed  into  such  great  and  profit- 
able proportions.  From  a  little  manuscript  book  entitled 
"Fire  Agents,"  in  President  Inskeep's  handwriting,  recently 
found  in  the  files  of  the  company,  we  obtain  some  pailicu- 
lars  of  this  agency  work  which  are  worthy  of  record  here. 
By  this  we  learn  on  22  January,  1808,  Charles  Ellis  was 
appointed  agent  at  Burlington,  James  Ewing  at  Trenton; 
on  the  23d,  Andrew  Ross  at  Washington;  on  the  26th, 
Ephraim  Holmes  at  Bridgeton;  and  at  "Towns  Westward," 
Jesse  Hunt  at  Cincinnati,  Peter  Lee  at  Washington,  Thomas 
McCall  at  Lexington,  Jeptha  Dudley  at  Frankfort,  John 
Bustard  at  Louisville,  Thomas  Howard  at  Richmond.  On 
3  February,  among  others,  Jacob  Hay  at  York  Town, 
John  Ci'eigh  at  Carlisle,  Edward  Crawford  at  Chambers- 
bui"g,  Robert  Brown  at  Greensbiu'g,  James  M.  Caldwell 
at  Wheeling,  John  McCoy  at  Chillicothe,  Doctor  John 
McDowell  at  Steubenville,  William  Tate  at  JS^ashville,  and 
on  6  February,  Robert  Boggs  at  New  Brunswick.  Mr. 
Dudley  held  the  agency  at  Frankfort  for  thirty  years,  his 
resignation  being  noticed  at  the  directors'  meeting  of  8 
January,  1838.  On  20  February,  Mr.  Inskeep  wrote  to 
Marks  John  Biddle,  Esq.,  of  Reading,  "I  take  the  liberty 
to  send  you  some  of  our  Proposals,  form  of  a  survey,  and 
letter  of  appointment  fur  an  agent,  which  I  will  thank  you 
to  direct  to  some  suitable  person  in  your  place  who  will  act 
as  such  for  this  Company.      I    should   be  pleased  if  you 


INSURANCE  COMPANY  OF  NORTH  AMERICA.        67 

would  accept  the  agency  yourself,  but  this  I  can  scarcely 
hope,  as  the  magnitude  of  your  own  concerns  will  probably 
forbid  it."  Mr.  Biddle  selected  and  appointed  Mr.  Frederick 
Fritz,  and  this  was  the  beginning  of  an  agency  which  to 
this  day  has  been  continuously  filled  with  faithful  and 
competent  representatives.* 

This  extension  of  the  company's  business  found  a  motive 
in  the  establishment  by  the  Phoinix  Insurance  Company  of 
London  of  agencies  in  this  country ;  and  as  their  experiment 
had  been  successful,  the  time  had  arrived  for  the  ^orth 
America  to  secure  the  like  footing  at  distant  places.  But 
the  Phoenix  may  have  resorted  to  flexible  rates  when  this 
home  company  entered  the  agency  field,  if  we  can  so  con- 
clude from  a  letter  Mr.  Inskeep  wrote  14  March,  1808  to 


*  The  following  is  the  first  letter  of  the  president  to  the  new  agent,  and  dis- 
plays the  caution  with  which  the  "  agency  business  "  was  conducted.  "  29  March, 
1808.  I  am  pleased  to  hear  from  Marks  John  Biddle,  Esquire,  that  you  have 
accepted  the  agency  of  the  Company  for  the  Borough  of  Reading.  I  have 
received  your  survey  of  Mr.  George  Keim's  property,  which  is  very  minute  and 
circumstantial.  The  risque  would  have  been  a  very  good  one  was  it  not  for  the 
circumstance  of  the  Oil  and  Paints  being  kept  in  the  cellar,  and  the  Tavern 
being  so  nearly  situated.  I  will,  however,  agree  to  take  the  Risque  at  40  cts. 
per  $100,  for  one  year — should  the  premium  be  agreeable,  the  amount  as  per 
statement  at  foot  may  be  remitted,  and  on  the  receipt  of  whicli  tlie  Insurance 
will  be  binding.  The  policies  sliall  be  Ibrwarded  by  Post  or  otherwise  as  may 
be  directed."  These  were  numbered  5,003  for  $1,000,  "on  a  Stone  House  or 
Building,  Kitchen  and  Store  adjoining  and  belonging  thereto.  Situate  on  the 
north  side  of  Penn  Street,  in  the  Centre  Square,  near  the  Court  House,  in  the 
Borough  of  Reading,"  and  No.  5,004,  for  $5,000,  "on  Goods  or  Merchandize 
contained  in  the  one  and  an  half  Story  Store  adjoining  the  assured's  Dwelling," 
all  at  40  cts.  for  one  year.  Both  had  the  following  endorsement:  "Notwith- 
standing the  foregoing  restriction.  It  is  agreed  that  the  assured  shall  have 
permission  to  store  in  the  above  named  Store,  Gunpoivder,  Spirit  of  Turpentine, 
and  Oil,  together  with  such  other  articles  in  small  quantities  as  are  usually  kept 
in  a  retail  Country  Store."  Charge  was  made  for  a  badge  of  $2,  and  for  two 
policies,  $2.  The  only  remuneration  to  the  agent  being  his  survey  fee  from 
the  assured. 


68  A  HISTORY  OF  THE 

Mr.  Ewing  at  Trenton,  viz  :  "I  am  aware  that  the  Phoenix 
Insurance  Company  of  London  do  take  risks  both  in  and 
out  of  this  City  at  a  lower  premium  than  we  do  in  this 
office,  and  that  without  much  investigation.  ^Ve  find, 
however,  that  a  decided  preference  is  given  to  our  office  at 
higher  premiums  than  they  generally  ask,  the  reasons  for 
which,  people  must  judge  for  themselves — it  does  not  belong 
to  me  to  assign  them."  The  Phoenix  came  here  in  1806, 
but  withdrew  its  ao-encies  in  a  few  vears,  but  re-entered 
the  United  States  in  1879.  One  of  its  original  ''Proposals" 
issued  in  Philadelphia,  was  found  in  1880  among  the  papers 
of  the  Xorth  America,  where  it  yet  remains.  In  1807  the 
Pelican  Insurance  Company  of  London  was  represented  in 
^ew  York,  but  it  was  without  any  representative  in 
Philadelphia. 

The  expiration  of  fire  polices  was  notified  to  policy- 
holders by  advertisement  in  the  daily  papers,  in  monthly 
lists;  whether  the  assured  was  a  citizen  of  Philadelphia  or 
of  Charleston,  his  reminder  was  obtained  only  through  the 
Philadelphia  papers.  The  general  results  of  the  fire  busi- 
ness were  satisfactory  to  the  directors,  but  it  Avas  in  these 
early  years  looked  upon  only  as  an  adjunct  to  their  marine 
business  in  its  convenience  to  their  customers;  and  Mr. 
Stephens,  the  secretary,  often  referred  in  his  semi-annual 
reports  to  the  profits  of  this  business  as  meeting  the  ex- 
penses of  the  office,  showing  that  it  was  relied  upon  to 
defray  the  current  expense  of  the  office,  which  it  more 
than  did,  so  that  the  marine  business  in  its  fluctuations  and 
uncertainties  should  not  be  exposed  to  the  charge  of  office 
support.      Secretary  Stephens  in  his  report  to  the  stock- 


{Fnr  ^^ii'ird^.Months.) 


BY  THE  PRESIDENT  AIJD  DIRECTORS  OF  THE  INSURANCE  COMPANY  OF  NORTH  AMERICA, 


>J:^r3 


WHEREAS, 


}uU)  paid  to  tlit^J^resldcnt  :uid 


oftWe  Insurance  Company  of  NorA  America  V^«.4^^/^.<46,^/?V/>^A^yw^«t^     /r 
ce^  i^  yy*a/^i'f-  /^  i^  r^^^ f^-o-iC  ^ir^CCrx^  tf^^^XiJ    yrti'it^cyt  fc^C^iC^^  yU^Je^-Ji^ij  I 


NOW  K}i0W  ALL:  MC 

Fur  to  the  said,  o^^u-^u^t 
Wrthfllrt:  like  (jupnijty  of 


^^Jf^fi.a:i  ^    ^ ^_  ,^^^^^ .,  _ 

id-  c^'M^.'U^^^^tZ^^t^'Ji^ ^Hianjtmdrcmaiii  in  tiip  Iiouse'aroreMud  Ictf! .  /f]^  (^ 

DV/flHfcSE  PRESENTS  that  I'n  considcmiion  thereof  the  Capital,  Stock,  Estate,  and  Sccuriaes'of-thc  wid  Corporaudh  shall  be  subiect:je"I>ay" 

^  ^^^^j^^^^ — '" ilxcciiiors,  Adniihistrators  ori.'AssiEns,  any  Los3  or.  Dam-igc  which  shaltpr.  Jniy  happcn^yor  *^y  * 

_j  ^4^-  'Within  the  tcnr  aforesaid,  unless  tlicy  ihc  said  President  and  Directors  sh^Vforlt^iih  furnish' thtsaid 

^7Z^iJ^^Z> ■ 'dfthc  some  <]uality  as  (hose  so  injured  by  fire,  or  provided  the  said     £:^Cct-tuCZtA.A,A.^  <54l>: 


,  Executors,  AdniinJstratorsJsrVtssiBiis,  thcjoitiTt  Su^  of 
_  3  shall  continue,  remain  and  bt  subject  as  aforesaid^  ,\Vliich  said 

--Damage*9h«lI-be-iiakl*r-md£mniIic(Lui.inanncr'a  proof.'of  Loss  ;j  and  if  any  dispute  shall  arisc^rcsijccting  the  sanic  between  the  Corpwatioi 


t^a%c^^^!^(^/r^^  ^^r^ayiJ;^ 


&  i  ^.'J^^/^  ^  ^^  ,^^ ^ *  ^ ,-   ^  _       _  , ,       -  .     „  ..  .  . 

Lns>'*ri-Damage*9h«lI4>e-pakl*r-md£nuiiIicd-Ul.inanncr  aforesaid  ivithin  thirty-days'aficr  proof.'of  Loss ;» and  if  any  dispute  shall  arisc_rcsijcctinp  the  same  between  the  Corporation  and  thd 
AiiSCRKD,  such  difference  sliall  be  subniilitd  to  the  jmlgmcnt  ana \lckrminutio?rBnVrbit/a[oreiiWifferently'cho^  partiesi 

But  in  dll  cases  where  partial  losses  or  damages  do  occur  to  the  property  insured  by  lliis  policy  >ithin  the  period  above  stipubtcd,  and  allcnrards  a  lotanoss  STthc  saific  Uithiirthc's.inr  p^ 
bod,  whtreby  claims  may  arise  to  a  larger  amount  together,  than  the  sum  hereby  insured;  thuAssured  shall  in  no  uibc  be  entitled  to  receive  more  than  the  whole  sum  so,*nsuredi^^vidim  ilifl 
period  for  which  the  insurance  is  made.f  PROVIDED  always  nevertheless,  and  it  is  hereby  afcclarcd  to  be  the  ti^uc  iiucnt  and  mc;imng  of  this  Policy,  that  Ok  said  Stock,. Lslatejiml  Sccu4 
lilies  of  ihe  said  Corporation  shall  not  be  subject  or  liable  to  pav,  or  make  good  to  the  Assured  any  T>)5S  or  Damage  oy  Fire,  which  sh:>ll  happen  bjr  Invasion,  Eoreign  t^emy,  CivU^CommcM 
tion.  Of  uny  Milita^  or  usufnul  power  uhatevcr;  And  provide^!  also,  that  this  Policy'shaU  noOtakc  effect  or  be  binding  to  the  said  Corporauon,"  m  case. the  faid  Assured  shaU  haV»  alrcadj* 
made;  or  ahall  hereafter  iri(lW3iy  other  Aauri«cojupon  U»e  Goods  aforcs;iid,  unless  U.c  samt£liall  be  allowed  of  and  specified  on  this  Policy-v^Or  if  the  Hoilsc  above.mcniioned  conuumng 

the  Ro-^ls  of  the  said  ■/^^■7^Pt>  c::>4:Hi^^      '  shall,  at  the  lime  when  any  such  fire  sliall  happen,  be,  in  whole  or  in  part  occupied  (w  ilh  tl.e  knowI«Igc  or  coiiscnfl 

of  the  Assured)  by  anvpcrson<vho''shanuscorcxs/cIsct]icreind»cTradeofaCanwmer;-!JoIncr:  Cooper  j^Tavent-kccper;  or  Inn-holdcr;-  Stable  Keejitr  ;\  Bread  or  Biscuit  UJicrJ 
Suear  Bakeri  Ship  Chandler ;UJoat  Builder -.  Malt  Drier;  Brewer;  Tallow  Clundler;^  Aptidiccar)' ;  Chemist ;-, Oil  and  Col6unnan;-FlaX-or  HcroJi-drcssaj^Pruilcr;,  Coach  or.Camagd 
^lAcr  ;iRope  Maker ;  DislitleV ;  Varnish  Maker  :'or  Aqua.fortis  Manufacturer :  or  sliall  be  made  use  of  for  the  storing  or  keeping  of^Hcmp,\  Flax,"*  Eartliei-warc;  or  olhcrjincrchanUi^ 
packed  in  hay  or  straw ;  Cun-powder,"  Spirits  of  Turpentine.'  Hay,  Straw,  Fodder  of  any  kipd.  or  Grain  iinilircshcdi^but.lhal  in  all.  or  anj(_of  tJicsailcaset^this^hcy^ajUtta,  cUiis«J 
•nide  and iThing' herein  conlamcd  Eliall.bejoid  and  of_nonc  cfil-ct :  oihenvisc  it  shall  rcmaininJ  , 

TN'AVITNESS  WIIKUFOF,  the  said  Corpor5aon;^^^<f:^us^cdlhci>  CommonScaltpUh^^  ^^tC^i^fl^  -  Tix^^     %  ^t,U44.eAy      jn  tl» 


:  it  shall  remain  inJull  force  and  .viriuci  ^ 

used  their  Common  Seal tp  be  hereunto  affiiCtlToiulio       ^i 
ff^our.LordOiicjriiousand  Eight  ilundrcd^aiid  C-^i^'^i-^*!=»'     • — 

K.  B*    iThlsToircy  may^be-transrcrrcd  by  Indorsement  made~w  ilh  the  consenf  of  tlie  Comp:jiy  (but  not  otherwise),  anfl  tlic  Insut 
tjpensc  (subject,  however,  to  such.modilicalionsasxircumstanccs  may.rcfjuire),  the  premium  for  llic  renewed  urm  being  trsi  paid- 


r  coritinuc3Trom  Umtta  limtf  niihoul  an/^addii-jnai 


^S'^^0  -^i^pfr;^  u ^  '^-^^ 


'^.ff'nn  ^ — r^"^' 


Early  Fiue  Policy  on  Goods,  1809. 


INSURANCE  COMPANY  OF  NORTH  AMERICA.        69 

holders  Januaiy,  1825,  says:  "the  fire  business  meets 
expenses  as  it  ordinarily  does  when  no  losses  occur."  The 
extension  of  the  business  to  other  localities  was  to  increase 
this  i^rofitable  result,  and  at  a  time  when  marine  insurance 
in  this  country  was  disastrous  and  had  a  very  doubtful 
future.  We  might  suppose  that  had  in  the  outstart  more 
direct  attention  been  paid  to  this  branch,  larger  returns 
would  have  been  had  and  the  company  have  been  propor- 
tionably  benefited;  but  we  must  recollect  that  fire  insurance 
was  in  its  infancy  comparatively,  and  the  insurer  in  a  com- 
munity, was  the  exception,  and  not  the  rule.  The  large 
lines  written  by  the  company  were  evidence  of  the  want  of 
proper  knowledge  of  the  danger  in  so  writing,  but  it  was 
on  the  other  hand  evidence  that  the  moral  hazard  was  more 
certain,  as  the  danger  from  frequent  fires  was  lessened  by 
the  fact  that  the  major  portion  of  any  community  was 
entirely  uninsured,  and  the  Avant  of  a  guarantee  of  indem- 
nity in  case  of  loss,  perforce  made  this  class  of  people 
more  heedful  to  the  dangers  of  fire  and  Avatchful  of  their 
interests.  To  the  Close  of  the  year  1802,  embracing  eight 
years  and  twenty  days,  the  fire  premiums  received  amounted 
to  181,253.76,  and  the  losses,  which  first  began  in  1797, 
$30,116.59.  The  next  ten  years  were  better — premiums, 
198,647.95 ;  losses,  $23,873.30 ;  the  succeeding  decade  was 
remarkable  in  its  figures — premiums,  $69,224.20;  losses, 
$1,569.44,  the  years  1814,  1816-19  and  1822,  not  showing 
a  dollar  of  loss  on  a  premium  receipt  of  $42,380.79.  From 
1823  to  1832,  premiums  were  $61,639.33;  losses,  $17,973; 
the  decade  following,  premiums,  $114,326.34;  losses, 
$78,948.27.     From  1843  to  1852,  premiums,  $554,267.08; 


70  A  HISTORY  OF  THE 

losses,  1382,407.43;  this  last  period  embraced  the  losses  by 
the  great  fire  in  the  vicinity  of  Yine  and  Callowhill,  west- 
ward from  the  wharves,  July,  1850,  after  which  thei-e  was 
an  acknowledgment  of  the  inadequacy  of  fire  premiums  in 
Philadelphia  on  the  part  of  the  companies,  wliich  led  lo 
action  in  October  following,  which  would  have  been  united 
and  common  but  for  one  compan}^  declining  to  agree  lo 
advanced  rating.  The  years  1843  to  1852  mark  the  de- 
velopment of  the  modern  system  of  an  agency  business, 
for  the  receipts  had  quintupled  those  of  the  preceding 
ten  years.  The  decade  following  showed  a  larger  busi- 
ness and  with  better  results;  premiums,  $1,138,164.24; 
losses,  $424,448.32.  The  next  decade  showed  a  premium 
receipt  of  eight  times  the  amount  of  its  predecessor;  and 
the  premiums  for  the  year  1884  alone  exceeded  the  com- 
bined premium  receipts  of  the  first  sixty-eight  years  of  the 
Company's  operations;  the  average  loss  in  this  long  period 
being  but  45.3  per  cent,  of  the  premiums. 

On  28  January,  1840,  a  committee  was  appointed  to  pre- 
pare a  form  of  perpetual  policy,  the  recent  supplement  to 
the  charter  enabling  the  company  to  enter  on  this  business, 
but  the  final  steps  weie  deferred,  and  authority  was  only 
formally  given  to  the  officers  on  4  May,  1841 ,  and  the  first 
policy  was  shortly  thereafter  issued ;  and  to  the  close  of  the 
year  1846  a  loss  of  but  $62.09  was  made  upon  a  net  deposit 
receipt  of  $5,781.55.  To  the  close  of  the  year  1872,  the 
losses  had  been  but  twelve  and  one-half  per  cent,  of  the  net 
deposit  receipts;  but  a  proper  mode  to  calculate  the  per- 
petual business  is  to  base  the  losses  upon  the  interest  of  the 
net  balances,  and  the  result  in  this  instance  will  show  the 


INSURANCE  COMPANY  OF  NORTH  AMERICA.        71 

losses  of  the  company  to  be  about  one-third  of  the  interest 
account  on  their  perpetual  deposit  balances,  and  after 
adding  its  proper  expenses,  leaving  the  deposit  untouched, 
(subject  to  call  as  it  may  be,)  and  a  profit  beside. 

The  beofinningfs  of  the  fire  business,  modest  in  the  ex- 
treme,  have  grown  in  our  day  to  a  figure  which  the  first 
board  of  directors  never  contemplated,  any  more  than  they 
could  contemplate  the  immense  groAvth  of  the  nation  in  its 
wealth  and  population.  The  wealth  of  those  days  was  to 
be  found  on  the  Atlantic  board,  and  shipping  was  the  most 
familiar  and  perhaps  the  most  respectable  calling,  and 
opened  the  most  promising  avenue  to  the  rising  generations 
for  the  extension  of  their  activities.  But  wars  and  the 
changes  in  the  courses  of  trade  made  the  uncertainties  of 
sea  ventures  more  conspicuous,  while  the  silent  but  sure 
growth  of  inland  interests  was  outstepping  them  in  attrac- 
tion, until  in  our  day  we  find  the  best  energies  of  our  people 
given  to  internal  development,  and  for  the  success  of  this 
corporate  underwriting  must  and  will  be  had,  and  the  future 
of  fire  underwriting  seems  illimitable  so  long  as  we  cannot 
measure  or  bound  our  national  growth.  And  we  must 
admit  that  marine  underwriting,  even  with  its  peculiar 
fascinations,  has  lost  its  rank  of  prominence,  and  that  fire 
underwriting  is  now  and  will  remain  in  the  forefront. 


72  A  HISTORY  OF  THE 


LIFE  BUSINESS. 

THE  fir>t  action  had  iindei-  the  clause  of  the  articles 
of  association  permitting  Life  Insurance  was  on  20 
January,  1794,  when  Messrs.  Fitzsimons,  Ball  and 
McMurtrie  were  appointed  "a  Committee  to  consider  of  a 
Policy  for  insuring  persons  against  Capture  by  Algerines, 
etc."  This  was  at  once  formulated,  for  on  11  February 
following,  they  insured  Captain  John  Collet,  "on  his  Pei- 
son  aoainst  Alsrerines  and  other  Barbarv  Corsairs  in  a 
Voyage  from  Philadelphia  to  London,  in  the  Ship  George 
Barclay,  himself  Master,  Valuing  himself  at  $5.000, ''  the 
pi'emium  on  which  was  two  per  cent.  On  7  March.  Captain 
Samuel  Hubbell,  of  the  ship  Eagle,  bound  from  Baltimore 
to  Oporto  or  Lisbon,  was  insured  in  like  manner  for  S4,000 
at  five  i^er  cent.  On  13  May  following,  Thomas  Baker, 
master  of  the  brig  Hector  at  and  from  Bordeaux  to  Phila- 
delphia lor  Sl.OOO,  the  premium  of  which  was  five  per  cent. 
These  insurances  were  "declared  to  be  made  upon  the 
person  of  '='  *  *  against  the  risque  of  Capture  by  the 
Alfiferines  or  anv  of  the  Barbarv  Corsairs  only,  and  it  is 
mutually  agreed  between  the  Parties  to  this  Policy,  that  if 
the  said  *  *  ^  should  be  killed  in  any  attempts  made 
to  defend  the  said  Brig  against  the  said  Algerines  or  Cor- 
sairs, or  should  die  before  or  after  his  Captivit}'  and  before 
he  should  be  Pansomed,  the  Assurers  shall  not  be  bound  to 


INSURANCE  COMPANY  OF  NORTH  AMERICA.         73 

pay  any  other  Sum  or  Sums  than  what  may  have  been 
expended  in  attempting  the  Ransom  of  the  said  '='  ■■^'  -^  " 
It  was  not  until  9  January,  1795,  that  it  was  decided  to 
undertake  some  phm  for  insurances  on  Uves,  and  Messrs. 
Blodget,  Fry  and  Breck  were  appointed  a  committee  to 
form  a  plan,  and  the  same  must  have  been  put  into  use  by 
the  officers  without  reference  to  the  board,  althouoh  the 
individua]  applications  for  life  policies  were  in  each  instance 
passed  upon  by  the  board.  But  the  demand  was  light,  for 
not  until  21  May,  1T96,  do  we  find  the  approval  of  the  first 
two  life  hisurances,  viz.,  on  the  life  of  John  Holker  from 
6  June  to  19  September  inclusive,  for  $24,000  at  one  and  a 
half  per  cent.,  which,  however,  appears  not  to  have  been 
acce])ted;  and  ''on  the  natural  life  of  Bon  Albert  Briois  de 
Beaumez  (who  attained  the  age  of  Forty-one  3'ears  in  the 
month  of  December  now  last  past,  and  is  about  to  sail  for 
India  '^'  ''"  '''  '''  ),  for  and  during  the  term  and  space 
of  Eighteen  Calendar  months''  for  f5,00().  A  guaranty  in 
this  policy  as  to  continuance  of  the  life  of  the  subject  is 
made  in  the  following  phrase:  "The  said  President  and 
Directors,  therefore  and  in  consideration  of  Ten  per  cent. 
to  them  paid,  do  assure,  assume  and  promise  that  he  the 
said  Bon  Albert  Briois  de  Beaumez  shall,  by  the  permission 
of  Almighty  God,  live  and  continue  in  this  natural  Life  for 
and  during  said  Term  and  space  of  Eighteen  Calendar 
months  *  '='  '='  '^' .""  On  the  27  September  following, 
$8,000  was  agreed  to  be  insui'ed  on  the  life  of  Colonel 
Tousard  for  one  year  at  eight  per  cent,,  "with  permission 
for  him  to  go  and  remain  in  the  AVest  Indies  during  that 
Period";    but  the  policy  seems  not   to  have  been   issued. 


74  A  HISTORY  OF  THE 

On  15  Februarv.  1803.  nn  insurance  lor  ten  thousand  dollars 
was  asrrced  to  "on  the  Life  of  General  de  Xoailles  (who  is 
noAV  supposed  to  be  in  the  Havana)  for  six  months  at  the 
rate  of  five  per  cent.,  he  being  prohibited  from  acting  as  an 
officer  or  soldier  in  any  niilitar}  expedition,  or  from  i-eturn- 
ins:  to  the  West  Indies  after  his  arrival  here  durin^;  the 
continuance  of  the  said  Risque."  And  the  last  we  find 
agreed  to  was  on  9  April.  1804.  on  the  life  of  Mr.  George 
Meade;  but  neither  of  these  policies  Avere  issued.  The 
premiums  named  by  the  company  on  the  life  api)lications 
may  have  prevented  in  many  cases  acceptance  of  its  policies, 
as  is  shown  in  the  cases  now  cited.  Mr.  Hazard  in  respond- 
ing 20  November.  1799  to  the  inquiries  of  Mr.  Henry 
Remsen.  made  on  behalf  of  the  Manhattan  Company  of 
New  York,  as  to  the  mode  of  conducting  the  insurance 
business  in  its  ditferent  branches,  stated  regarding  the  life 
branch:  '"Thei-e  have  been  but  few  instances  of  this  kind, 
perhaps  half  a  dozen,  in  each  of  which  we  have  gained  the 
premium.  Price's  tables  are  those  we  have  used,  as  far  as 
tables  have  been  recurred  to."  This  branch  of  the  business 
seemed  not  to  have  survived  a  decade,  nor  was  the  company 
induced  afterwards  to  renew  or  cultivate  it,  and  not  until 
the  incorporation  of  the  Pennsylvania  Company  for  Insur- 
ances on  Lives  and  Granting  Annuities  in  1812  Avas  it  that 
the  subject  of  life  insurance  secui-ed  any  development  and 
extension  in  this  community. 


INSURANCE  COMPANY  OF  NORTH  AMERICA.        75 


VIII. 

FINANCES. 

THE  statement  of  i)remiunis  given  on  previous  pages 
indicate  that  the  finances  of  the  company  underwent 
man}^  and  severe  fluctuations.  Success  early  favored 
the  projectors,  and  divisions  of  profits  were  promptly  realized 
to  the  advantage  of  the  stockholder  personally,  but  to  the 
detriment  of  the  corpoi-ation.  The  dividends  paid  from 
July,  179.3,  to  January,  1798,  inclusive,  amounted  to 
f  591,296.63 ;  but  in  July  following  the  balance  of  the  com- 
panj^'s  accounts  was  on  the  debtor  side.  In  January,  1799, 
a  dividend  of  twenty  per  cent,  was  made,  viz.:  $120,000, 
followed  in  the  next  semi-annual  period  by  a  heavy  balance 
again  on  the  debtor  side.  This  condition  of  the  company 
continued  up  to  January,  1807,  when  a  dividend  of  four  per 
cent,  was  made,  and  the  company  by  this  time  was  owner 
of  3,770  of  its  own  shares.  Dividends  continued  with  some 
degree  of  regularity  to  1812,  inclusive.  Three  years  fol- 
lowed without  any  profits  to  divide.  In  July,  1816,  the 
company  owned  7,534  of  its  shares;  by  July,  1835,  it 
became  possessed  of  13,959  shares,  purchasing  to  save  them 
from  the  market ;  and  the  assets,  including  these,  amounted 
to  1683,021.50.  The  highest  assets  prior  to  this  were  in 
January,  1809,  when  they  amounted  to  $722,699.03.  In 
1842  an  equalization  was  had  of  their  condition,  by  a  reduc- 
tion of  the  capital,  alluded  to  before,  to  five  dollars  a  share, 


76  A  HISTORY  OF  THE 

and  the  assets  were  on  1  ^January,  1843,  $385,060.92, 
including  13,459  shares.  On  1  January,  1850,  the  assets 
had  increased  to  $911,667.40,  and  the  comi)any  only  own- 
ing 12,000  shares.  By  1  Januar}^,  1853,  the  assets  were 
$964,681.49,  the  company  having  parted  with  all  its  shares 
formerly  held  by  it,  but  the  capital  had  been  increased  in 
1851  to  $500,000.  On  1  January,  1858,  the  assets  were 
$1,007,825.26.  Ten  3'ears  later  the  assets  had  reached 
$1,962,836.54,  while  dividends  amounting  to  $900,000  had 
been  paid  in  the  same  time.  In  1874  the  capital  stock  was 
doubled,  and  this  in  1876  Avas  in  its  turn  doubled,  making 
it  now  two  million  dollars.  The  decade  ending  1  January, 
1878,  show^ed  rapid  but  substantial  progress,  the  assets  on 
that  date  being  $6,408,696.58,  the  dividends  paid  during 
the  same  period  (excepting  1873  when  dividends  were 
passed,  due  to  the  Boston  losses  of  November,  1872) 
amounting  to  $1,170,000,  while  the  surplus  had  increased 
from  $237,753.36  to  $2,362,532.34.  In  1881  the  happy  con- 
summation of  a  joint  increase  of  the  capital  and  surplus 
w^as  effected  by  increasing  the  stock  to  three  million  dollars, 
and  apportioning  the  one  hundred  thousand  new  shares  to 
the  stockholders  at  the  rate  of  twenty  dollars  per  share, 
being  double  the  par.  On  1  January,  1885,  the  assets 
amounted  to  $9,079,481.40,  show^ing  an  increase  in  seven- 
teen years  of  $7,116,644.66,  from  which  when  is  deducted 
the  new  capital  paid  up  $2,500,000,  and  the  cash  increase 
of  $1,000,000  in  the  surplus,  we  find  that  in  this  period  the 
gain  from  its  business  and  investments  alone  amounted  to 
the  sum  of  $3,616,644.66. 


INSURANCE  COMPANY  OF  NORTH  AMERICA.        77 


IX. 

OFFICE  LOCATIONS. 

IT  may  be  interesting  to  follow  the  compan}^  through  its 
various  offices,  and  call  up  pictures  of  the  localities  in 
which  it  found  itself  from  time  to  time.  It  steadily 
maintained  itself  nigh  to  the  haunts  of  the  city's  business, 
and  w^e  shall  thus  be  able  to  obtain  glimpses  of  some  of  its 
neifrhbors  and  associates  and  some  studies  of  that  section 
of  the  city  in  which  centered  Philadelphia's  mercantile 
wealth. 

It  is  elsewhere  stated  that  the  new  board  met  at  six 
o'clock,  r.  M.,  on  14  December,  1792,  in  their  own  offices, 
which  were  in  the  brick  building  No.  119  (now  213) 
south  Front  street.  This  building  remains  substantially 
unchanged  to  this  day,  and  is  one  of  the  few  original 
edifices  left  in  the  block.  A  very  faithful  etching  of  it 
Avas  made  in  the  spring  of  1880  by  Mr.  Pennell,  a  member 
of  the  Philadelphia  Etching  Club.  IN'early  opposite,  at 
:N'o.  96  (now  212),  lived  Mr.  I^esbitt,  the  president,  the 
counting-house  of  his  hrm,  Conyngham,  Nesbitt  &  Co., 
being  on  the  first  floor;  next  door,  ]S"o.  117,  lived  Mr. 
Jasper  Moylan,  a  director,  and  later  their  counsel ;  at  No. 
115,  Messrs.  Isaac  Wharton  and  David  Lewis,  merchants 
and  insurance  brokers,  had  their  office;  and  immediately 
south  of  No.  119  was  the  large  building  owned  by  Mr.  John 
Ross,  a  director,  occupied  by  the  custom-house.     On  the 


78  A  HISTORY  OF  THE 

opposite  side  of  Front  street  there  dwelt  at  the  time,  besides 
Mr.  Xesbitt,  Robert  Ralston  at  Xo.  90,  Miers  Fisher,  Xo. 
92,  Peter  Blight,  Xo.  102,  Nalbro  Frazier,  Xo.  104,  Francis 
West,  Xo.  108,  Samuel  R.  Fisher,  Xo.  110,  Mordeeai  Lewis, 
Xo.  112,  and  John  Morton  at  Xo.  116.  Shortly  after  their 
settlement  in  these  offices,  proposals  were  made  to  the  board 
by  the  trustees  for  the  Philadelphia  Dancing  Assembly  to 
unite  in  erecting  a  suitable  building  for  their  joint  uses; 
the  proposals  were  submitted'-'  to  Mr.  Xesbitt  and  Col. 
Pettit,  but  no  further  reference  appears  on  the  minutes  to 
the  subject. 

Here  the  company  continued  until  February,  1791:,  the 
only  intermission  to  their  business  being  caused  by  the 
ravages  of  yellow  fever  in  1793,  which  was  particularly 
severe  in  that  quarter  of  the  city.  Mr.  Xesbitt  left  the  city 
in  September  and  passed  the  remainder  of  the  season  at 
Clermont,  the  residence  of  his  partner,  Mr.  David  H. 
Conyngham,  a  handsome  property  with  a  fine  mansion, 
situate  at  the  southeasterly  junction  of  Xicetown  lane  and 
Hart  lane,  a  place  afterwards  known  as  Mrs.  Griscom's 
famous  school. 

Mr.  Xesbitt,  who  was  not  in  robust  liealth,  had  probably 
been  passing  his  nights  out  of  the  city  previously,  for  on 
2-4  September,  1793,  he  writes  to  Mr.  Hazard,  ''I  went  to 
Town  on  Monday  to  see  what  was  to  do,  but  found  things  in 
our  Xeighbourhood  in  such  a  Situation  I  thought  it  Improper 

*  The  Dancing  Assembly  proposed  that  each  should  advance  £6,000;  the  lot 
to  belong  to  the  Insurance  Comijany,  joint  agents  or  trustees  to  be  appointed 
for  the  management  of  the  business,  letting  the  house,  &.C.,  and  the  money 
arising  from  rent,  &c.,  to  be  di\'ided  between  the  Insurance  C!ompany  and  the 
Dancing  Assembly. 


INSURANCE  COMPANY  OF  NORTH  AMERICA.        79 

to  remain.  Indeed  I  should  have  long  since  quit  our  own 
business,  for  that  was  arranged  so  as  to  make  my  presence 
unnecessary,  but  I  did  not  like  to  decline  my  place  in  the 
Insurance  office  while  I  could  remain  in  Town  with  any 
degree  of  pei'sonal  safety,  and  if  any  applications  are  made, 
I  shall,  if  sent  out  to  me  here,  attend  to  and  answer  them  as 
I  do  my  own  business."  Mr.  Hazard  had  written  him  on  the 
23d:  "The  situation  of  our  Neighbourhood  I  find  has  become 
truly  alarming;  in  going  to  and  returning  from  it,  I  am 
much  exposed  to  Infection,  and  it  does  not  appear  necessary 
to  attend  longer  at  the  Office,  as  so  little  Business  offers; 
were  there  moi-e,  it  could  not  be  done,  as  I  am  now  quite 
alone.  Mr.  Coulthard  [the  clerk  who  had  been  appointed 
18  December,  1792]  M^ent  a  few  miles  into  the  country  on 
Saturday  afternoon  and  intended  returning  this  morning; 
but  as  it  is  now  one  o'clock,  and  I  have  not  yet  seen  him,  I 
fear  he  is  sick;  there  are  no  Directors  whom  I  can  consult 
on  this  Occasion :  thus  Situated,  I  have  concluded  to  remove 
the  Books  and  Papers,  for  the  present,  to  my  own  house, 
where  I  shall  be  constantly  ready  to  attend  to  anything 
that  offers." 

Thus  exposed,  and  without  clerical  help,  Mr.  Hazard 
moved  the  office  work  to  his  house,  No.  145  Arch  street, 
on  the  site  of  which  is  erected  the  easternmost  of  Mr. 
Womrath's  impi-ovement,  and  is  now  No.  415.  Mr.  Hazard 
built  this  house  in  1792,  and  there  he  resided  until  his 
death  in  1817,  when  his  heirs  sold  it,  Mr.  William  Sansom 
(who  was  a  director  in  the  company  1795-97)  purchasing 
it  for  his  daughter,  Mrs.  George  Yaux,  whose  family 
occupied  it  until  they  sold  it  to  Mr.  Womrath,  who  also 


80  A  HISTORY  OF  THE 

jjurchased  the   adjoining  property  on  the  west,  for  many 
years  owned  and  occopied  by  Mr.  John  Cooke. 

Mr.  Hazard  and  eight  others  of  his  household  succumbed 
to  the  epidemic,  two  of  whom  died  from  it ;  and  here  he 
remained  until  9  Xovember,  Avhen  the  approach  of  cool 
weather  rendered  it  safe  to  return  to  the  office  to  Front  street, 
and  clients  would  feel  no  hesitation  in  going  thither.  He 
had  communicated  daily  with  Mr.  Xesbitt.  but  fi-om  28 
September  to  11  October,  his  letters  ceased,  showing  the 
time  and  duration  of  his  illness.  He  had  here  himself 
written  fifty-three  policies,  whose  premiums  amounted  to 
$16,875.32,  and  kept  ujd  the  books  and  all  the  correspondence 
of  the  company.  The  faithful  porter,  John  Valentine  Cline, 
always  called  Valentine,  and  recorded  on  the  company's 
books  as  Doorkeeper,  rode  out  daily  on  horseback  to  Cler- 
mont and  exchano^ed  letters  with  Mr.  Xesbitt.  This 
correspondence  is  preserved  entire,  and  each  letter  is  duly 
endorsed  by  the  receiver;  and  thus  we  have  in  the  com- 
pany's files  a  complete  picture  of  the  terrors  of  that  awful 
visitation,  whose  mortality  amounted  to  one  in  four  of  the 
l)opulation  which  continued  in  the  city,  the  deaths  in  all 
amounting  to  five  thousand  in  those  few  dreadful  weeks. 
All  Mr.  Hazard's  letters  and  enclosures  coming  from  his 
fever-stricken  house  were  passed  through  disinfectants  at 
Clermont  before  being  there  read,  and  the  papers  show 
marks  of  the  treatment  to  this  day.  But  the  enclosures 
were  often  returned  by  Mr.  Xesbitt,  the  worse  for  such,  and 
on  22  October,  Mr.  Hazard  writes  him:  "If  a  less  quantity 
of  vinegar  will  answer  the  purpose,  perhaps  it  will  be  best 
not  to  put  so  much  on  the  Papers,  as  it  defaces  them;  I  do 


INSURANCE  COMPANY  OF  NORTH  AMERICA.        81 

not  know  whether  it  will  destroy  the  writing,  but  if  it  will, 
it  may  be  very  injurious  in  case  of  a  Law  suit  or  Reference 
in  which  these  Papers  must  be  produced." 

In  February,  1794,  the  company  rented  the  premises  '^o. 
107  south  Front  street,  at  the  southeast  corner  of  Walnut 
street,  at  .£100  and  taxes  per  annum,  and  there  moved 
1  March.  It  was  on  the  10  December  following,  the  first 
fire  policy  of  the  company  was  here  issued.  They  subleased 
to  Mr.  Alexander  Todd  "that  part  of  the  House  of  Com- 
pany's office  ]iow  occupied  by  him,  for  £'25  per  annum." 
This  building  w  as  destroyed  some  years  ago,  and  the  present 
warehouse  erected  on  its  site.  Within  a  twelvemonth,  the 
directoi's  felt  their  business  warranted  the  purchase  of  a 
property  for  its  transaction,  and  Messrs.  Pettit  and  Ball, 
with  the  president,  were  appointed  a  committee  to  purchase 
a  lot,  with  or  without  buildings.  Yet  another  twelvemonth 
elapsed,  however,  before  they  could  consummate  their  plans, 
and  on  12  December,  1796,  they  purchased  the  premises  on 
the  opposite  corner,  ^o.  84  south  Front  street,  at  the 
southwest  corner  of  Walnut,  being  a  lot  nineteen  feet  by 
eighty,  with  a  main  and  back  building  thereon,  for  £3,400; 
but  they  appear  not  to  have  obtained  possession  until  the 
close  of  the  following  year,  for  we  find  on  14  December, 
1797,  a  committee  (Messrs.  Breck,  Blight  and  Francis)  was 
"appointed  to  view  the  house  and  consider  what  part  of  it 
will  be  wanted  for  the  accommodation  of  the  Ofi[ice  and 
Doorkeeper." 

The  occasion  of  this  appointment  was  a  communication 
from  Col.  Pettit,  the  president,  "respecting  accommodations 
in  the  new  building."     On  19  December,  they  "reported, 


82  A  HISTORY  OF  THE 

That  the  following  apartments  in  the  said  Building  are 
absolutely  necessary  for  the  accommodation  of  the  Com- 
pany; the  large  room  on  the  ground  floor;  the  lower  room 
in  the  back  building;  the  whole  of  the  second  story  of  the 
house,  Avith  sufficient  room  in  the  Cellar  and  Tanlt  to  hold 
their  fire  wood."  And  the  directors  "permitted  the  Presi- 
dent of  this  Board,  in  consideration  of  his  present  indisposi- 
tion, to  occupy  until  the  next  election  of  Directors,  such 
rooms  in  the  new  building  as  are  not  necessary  for  the 
accommodation  of  their  office,  leaving  also  a  room  for  their 
messenger."  Col.  Pettit  had  been  so  indisposed  for  some 
months  that  at  the  annual  meetino:  the  foUowincr  month,  he 
declined  re-election,  and  Mr.  Joseph  Ball  was  elected 
president;  but  Mr.  Ball  resigned  in  July,  1799,  owing  to 
pressure  of  private  aftairs,  and  Col.  Pettit  having  regained 
his  health,  was  re-elected,  and  continued  in  office  until  his 
death  in  1806.  He  had  kept  his  residence  in  the  building, 
as  shown  by  the  city  directories,  and  when  the  office  was 
removed  in  1804,  he  changed  it  to  the  corner  of  Second  and 
Dock  streets,  where  he  died. 

The  back  building  had  been  "lately  occupied  by  M. 
Moreau  de  St.  Mery  as  a  printing  office,"  and  this  the 
board  proposed  "to  rent  to  some  Person  who  will  not  use  it 
in  any  hazardous  business.''  In  the  following  May,  Dr. 
James  Mease  became  the  tenant,  and  here  his  office  appears 
to  have  remained  until  17  June,  1800.  His  rent  for  the 
first  year  was  £'50;  but  iu  1799  he  claimed  this  "was  much 
too  high,  considering  the  present  state  of  aftairs,  and  the 
universal  diminution  of  the  value  of  houses  in  the  city, 
and  he  had  no  doubt  they  will  experience  a  further  fall," 


INSURANCE  COMPANY  OF  NORTH  AMERICA.         83 

and  his  offer  of  $100  for  the  second  year  was  accepted. 
The  city  directory  for  1799  records  Dr.  Mease  at  Xo.  14 
Wahiut  street. 

In  the  years  1797  and  1798,  other  visitations  of  yellow 
fever  scattered  all  who  had  business  in  the  eastern  part  of 
the  city.  On  25  August,  1797,  the  president  and  secretary 
were  "Vested  with  power  to  remove  the  office  either  to 
another  part  of  the  City  or  out  of  it,  in  case  of  such  an 
increase  of  the  present  disorder  as  shall  lead  them  to  think 
it  expedient."  Three  days  later  Mr.  Hazard  writes  to  Mr. 
Ralston  "of  a  proposed  removal  of  the  office  to  Market  or 
Arch  street,  between  ^inth  and  Twelfth,  but  thought  they 
might  as  well  go  to  Wilmington  as  there";  and  on  the  31st 
advises  him  they  have  "decided  to  remove  to  Arch  street, 
to  a  handsome,  new,  neat,  airy  room,  with  three  windows, 
chimney  piece,  &c.,  in  style."  They  became  tenants  of 
Mrs.  Mary  Kean,  but  the  precise  location  cannot  now  be 
determined. 

In  1798  the  company's  books  and  papers  were  removed 
to  Germantown,  to  the  old  academy  on  School  House  Lane, 
a  meeting  of  the  directors  being  had  there  on  8  September. 
In  the  True  American  of  14  August,  is  an  advertisement: 

"The  office  ol  the  Infurance  Company  of  North  America  is  removed 
to  the  School-houfe,  near  the  Market,  in  Germantown.  Orders  for 
infurance  left  at  the  South  East  corner  of  Arch  and  Sixth  ilreets  will  be 
duly  forwarded." 

On  8  January,  1799,  there  is  a  minute,  "It  is  left  to  the 
President  and  Secretary  to  make  provision  at  Germantown 
for  the  accommodation  of  the  office  that  there  may  be  a 
certainty  of  a   suitable   Retreat   in   Case   any  Contagious 


84  A  HISTORY  OF  THE 

Disorder  shall  make  it  necessary  to  remove  from  the  city 
next  summer."  And  on  the  14th,  "The  Board  agreed  to 
take  certain  rooms  in  Mr.  Samuel  Billings'  house  at  Ger- 
mantown  for  the  next  season  at  $300."'''  This  house  is  the 
stone  dwelling,  N^o,  4804  Germantown  avenue,  adjoining 
the  Germantown  National  Bank  building  at  the  corner  of 
School  street,  and  w^as  the  building  which  the  United 
States  Bank  occupied  during  the  epidemic  of  1793;  hither 
Mr.  Hazard  moved  with  his  family  and  the  company's  books 
Avhen  the  "Disorder"  made  its  appearance;  the  front  parlor 
and  two  large  rooms  on  the  second  floor  were  those  leased. 
His  letters  thence  to  Col.  Pettit,  who  had  just  resumed  the 
presidency,  and  who  had  remained  in  the  city,  are  yet  on 
file,  covering  a  jDcriod  from  19  September  to  7  October; 
there  was  no  meeting  of  the  board  from  6  August  to  4 
[November;  Mr.  Stephens,  the  bookkeeper,  afterwards  first 
clerk  and  subsequently  secretary  of  the  company  from  1806 
to  1832,  remained  also  in  town  forwarding  all  applications 
and  proposals  for  insurance  to  Germantown,  as  doubtless  he 
had  done  the  previous  year,  as  specified  in  the  advertise- 
ment. On  23  September,  Mr.  Hazard  Avrites,  "We  had 
heard  that  the  Fever  Alarm  has  encreased,  and  ai'e  sorry  to 
be  informed  if  so  much  Cause  for  it  as  apparently  well 
founded  Reports  intimate,  from  what  we  hear,  the  prevailing 
Oi)inion  here  is  that  the  Banks  will  yet  be  removed."  Mr. 
James  Murray,  the  clerk,  who  remained  Avith  the  company 
until  1806,  had  accompanied  Mr.  Hazard,  and  on  19  Sep- 
tember, he  writes,  "The  Dysentery  has  left  Mr.  Murray 
very  weak,  but  he  is  convalescent.  I  hope  Valentine  won't 
share  the  Fate  of  his  Brother  Janitor."     On  2  October  he 


INSURANCE  COMPANY  OF  NORTH  AMERICA.         85 

writes  "the  information  that  the  Fever  is  abating,  is  very- 
pleasing.  -^  *  ^  I  hear  numbers  arguing  that  it  will 
not  be  safe  to  return  before  there  is  a  smart  Frost  to  render 
City  Air  salubrious."  The  board  subsequently  testified 
their  appreciation  of  the  labors  of  those  employed  in  the 
office  during  the  contagion,  by  voting  Mr.  Murray  $200, 
and  Messrs.  Stephens  and  Chas.  P.  Heath  (the  fire  insurance 
clerk  who  remained  with  the  company  until  1809)  f  100 
each,  for  their  "services  and  attention,"  and  to  Valentine, 
the  Doorkeeper,  $60,  for  "his  extraordinary  services  during 
the  prevalence  of  the  Yellow  Fever."  This  faithful  servant 
of  the  company,  John  Valentine  Cline,  remained  on  active 
duty  in  the  office  until  March,  1828,  when  he  Avas  voted  an 
annuity  of  $100,  he  being  then,  Mr.  Stephens  records,  about 
eighty-two  years  old.  Before  he  entered  the  service  of  the 
company  he  had  been  twenty  years  with  Col.  Pettit,  who 
wrote  Mr.  Nesbitt,  on  15  December,  1792,  endorsing  his 
application,  "it  is  due  to  his  merit  that  I  should  say  I 
always  found  him  honest,  sober,  diligent  and  attentive  to 
his  duty." 

In  January,  1804,  a  committee  was  "appointed  to  make 
inquiries  respecting  a  suitable  house  or  apartments  in  the 
neighbourhood  of  the  Exchange,"  which  was  at  the  time  on 
the  Avest  side  of  Second  street,  between  Walnut  street  and 
the  City  Tavern,  as  the  directors  felt  they  were  not,  while 
in  Front  street,  near  enough  to  the  centre  of  business. 
Failing  to  purchase  the  premises  I^o.  98  (now  204)  south 
Second  street  from  Cai3tain  John  McKeever,  they  leased 
the  building,  and  by  the  3d  February  had  moved  thither. 
Adjoining  on  the  north,  ^o.  96,  was  the  Pha3nix  Insurance 


86  A  HISTORY  OF  THE 

Company,  who  had  purchased  that  property  the  previous 
year,  and  at  No.  94,  the  corner  of  Walnut  street,  was  the 
Philadelphia  Insurance  Company.  Captain  McKeever's 
house,  built  about  17G1,  by  Benjamin  Paschall,  who  in  1777 
became  one  of  the  Associate  Justices  of  the  Orphans 
Court  of  Philadelphia  County,  yet  remains  in  good  condi- 
tion. Here  the  company  continued  for  five  years  until  they 
could  secuie  a  property  b}^  purchase,  which  they  did  on  16 
November,  1809,  by  purchasing  for  |12,600,  Mr.  William 
Meredith's  lot  and  buildings,  where  that  eminent  lawyer 
had  lived  for  some  years,  on  the  south  side  of  Walnut 
street,  immediately  east  of  Second  street,  extending  through 
to  Dock  street,  being  Nos.  40  and  42  (now  136  and  138) 
Walnut  street.  Hither  they  moved  in  January,  1810, 
renting  No.  42  to  the  Delaware  Insurance  Comj^any  at  the 
sum  of  $500  per  annum,  on  a  three  years'  lease  from  1  Feb- 
ruary. The  remainder  of  the  company's  lease  of  No.  98 
south  Second  street  was  taken  by  Mr.  John  P.  Watson,  the 
author  of  the  Anyials  of  Philadelphia,  who  moved  his 
residence  and  book  store  there  on  Monday,  5  February,  as 
recorded  by  Mr.  Stephens  in  his  office  memorandum  book. 
Besides  their  neighbor,  the  Delaware  Insurance  Com- 
pany, of  which  Mr.  Thomas  Fitzsimons,  an  early  director 
of  the  North  America,  was  now  president,  there  were  nigh 
the  Philadelphia,  Samuel  W.  Fisher,  president,  at  the  south- 
west corner  of  Second  and  Walnut  streets;  the  State  of 
Pennsylvania,  James  S.  Cox,  president,  at  the  northeast 
corner  of  Dock  and  Second  (adjoining  the  Dock  street 
front  of  the  North  America  premises);  the  Phoenix,  David 
Lewis,  president,  at  No.  96  (now  202)  south  Second  street; 


INSURANCE  COMPANY  OF  NORTH  AMERICA.        87 

the  Union  Mntual,  Joseph  Ball,  president,  who  had  been 
president  of  the  North  America  from  January,  1797  to 
July,  1798,  at  IS'o.  45  (now  129)  AValnut  street,  opposite; 
the  Marine  and  Fire,  John  Leamy,  president,  who  had  been 
a  director  of  the  !N^orth  America  from  1792  to  1806,  at  Ko. 
49  (now  133)  Walnut  street;  and  the  United  States,  Israel 
Pleasants,  president,  at  ^N^o.  49  (now  133)  Walnut  street. 
The  Philadelphia  Contributionship,  was  at  this  period 
located  at  JS'o.  99  (now  239)  Market  street,  Caleb  Carmalt, 
treasurer;  and  the  Mutual  Assurance  Company,  John  B. 
Palmei",  treasurer,  was  at  this  period  without  a  settled 
habitation,  and  applications  were  received  at  the  counting- 
house  of  Mr.  Palmer's  partner.  Mi*.  Robert  Wharton,  on 
Pine  street  wharf;  its  monthly  meetings  had  been  for  many 
years  held  at  Hardie's  tavern,  on  the  south  side  of  Market 
street,  and  in  1809  and  later  at  Heads'  Mansion  House 
Hotel,  Third  street  above  Spruce,  until  the  office  was  finally 
established  at  No.  54  (now  226)  Walnut  street.  It  was  in 
February  of  this  year  (1810)  that  was  incorporated  the 
American  Fire  Insurance  Company,  the  first  chartered  in 
this  State  for  a  general  fire  insurance  business,  the  Con- 
tributionship and  the  Mutual  Assurance  Company  confining 
themselves  to  building  insurances  alone ;  Captain  William 
Jones  was  the  first  president,  and  Mr.  Edward  Fox  its 
orig'inator,  who  was  one  of  the  first  stockholders  of  the 
North  America,  the  first  secretary;  and  its  ofiice  was  open 
at  No.  73  (now  229)  Chestnut  street,  but  in  a  few  weeks 
was  removed  to  the  building  it  purchased  of  Mr.  Moses 
Levy  at  No.  101  (now  311)  Chestnut  street,  adjoining  the 
bank  of  North  America.     The  first  advertisement  of  the 


88  A  HISTORY  OF  THE 

American  commended  the  operations  of  the  company  to 
the  citizens  on  the  grounds  of  its  "not  risking  its  funds  by 
making  any  Insurance  on  mai'ine  or  other  hazardous  adven- 
tures, being  confined  by  law  to  the  sole  and  single  object 
of  insuring  against  loss  by  or  damage  by  FIRE."  The 
same  year  witnessed  the  creation  of  the  African  Insurance 
Company,  which  was  located  at  'No,  159  (now  529)  Lombard 
street,  Joseph  Randolph,  president,  Cyrus  Porter,  treasurer, 
William  Coleman,  secretary,  with  a  cash  capital  of  $5,000. 
^'The  members  of  this  Company  are  all  colored  persons," 
as  stated  in  the  directories  for  1811  and  1813.  In  the  latter 
year  it  was  located  at  ^o.  155  Lombard  street,  w^hich 
appears  to  have  been  the  residence  of  its  secretary,  whose 
profession  was  given  as  "teacher."  We  find  no  traces  of  it 
after  this  year;  some  of  its  policies  are  yet  preserved  in  the 
families  of  its  insured. 

The  Delaware  Insurance  Company  continued  to  occupy 
Ko.  42  Walnut  street  until  the  middle  of  the  year  1814,  and 
was  succeeded  the  following  April  as  tenants  by  Messrs. 
Pratt  and  Dundas  until  1822,  and  later  by  Mr.  Thomas 
Newman,  stock  and  exchange  broker,  until  October,  1831. 
The  Dock  street  front  had  contained  the  office  of  Mr. 
Nicholas  Biddle,  "Attorney  at  Law,"  w^ho  remained  the 
company's  tenant  until  November,  1811;  Mr.  William 
Cramond  (who  had  been  a  director  of  the  company  from 
its  organization  to  1800)  occupied  this  office  fi'om  April, 
181G  to  April,  1819,  and  was  succeeded  by  Thomas  and 
John  Wharton,  insurance  brokers.  The  company  remained 
here  for  a  quarter  of  a  century,  with  but  one  intermission 
of  a  month  during  the  prevalence  of  the  yellow  fever  in  the 


INSURANCE  COMPANY  OF  NORTH  AMERICA.        89 

Slimmer  of  1820,  when  they  rented  the  premises  IS"©.  240 
(now  710)  Market  street,  where  the  office  was  maintained 
from  7  September  to  7  October. 

The  directors  desiring  to  keep  near  the  centre  of  business, 
which  had  made  another  step  westward,  sought  a  location 
opposite  the  new  Merchants'  Exchange,  then  just  erected, 
and  entered  into  an  agreement  with  Mr.  Thomas  P.  Cope 
(a  director  of  the  company  from  1829  to  1854),  who  owned 
the  lot  at  the  southwest  corner  of  Walnut  and  Dock  streets, 
to  rent  the  westernmost  office  of  the  building  he  was  about 
erecting,  and  on  its  completion  they  moved  into  it  25 
August,  1834.  The  office  was  known  as  on  Walnut  street 
one  door  west  of  Dock  street,  and  is  now  I^o.  216,  and  Avas 
taken  on  a  lease  of  twenty  years.  The  premises,  now 
vacated  by  them,  they  sold  in  1836  to  Mr.  John  Garrison 
for  $14,000. 

But  before  the  expiration  of  this  lease  they  needed  larger 
accommodations,  and  again  sought  quarters  of  their  own  in 
the  immediate  neighborhood.  On  8  January,  1850,  they 
purchased  at  public  sale  for  $16,000,  the  premises  then 
owned  by  the  Philadelphia  Exchange  Company,  which  had 
purchased  them  in  1833,  known  as  Ko.  60  (now  232)  Walnut 
street,  extending  through  to  Pear  street,  being  17  feet 
3  inches  fi-ont  by  138  feet  deep;  there  was  a  four  story, 
rough-cast  building  on  Walnut  street,  occupied  on  the  first 
floor  by  a  tailor  store,  and  on  the  upper  floors  b}'  Messrs. 
Draper  &  Co.,  the  well-known  bank-note  engravers,  and  on 
Pear  street  front  there  was  a  three  story  brick  building. 
The  front  building  w^as  not  adapted  to  the  purposes  of  their 
business,  and  it  was  removed,  and  a  new  structure  was 


90  A  HISTORY  OF  THE 

erected  by  A.  Masson,  at  a  cost  of  $5,350,  on  plans  furnished 
by  Mr.  Gervase  Wheeler,  an  English  architect,  temporarily 
sojourning  in  Philadelphia,  extending  about  85  feet  in  depth, 
leaving  a  pleasant  garden  over  50  feet  deep  to  Pear  street, 
the  dwelling  on  the  end  being  removed.  This  new  building 
was  occupied  11  December,  1851;  Messrs.  Brown,  Jones 
and  Xeff  were  the  building  committee;  and  at  the  first 
meeting  of  the  board  held  in  it,  the  directors  ''tendd'ed 
their  cordial  thanks  to  them  for  their  valuable  services  in 
planning  and  directing  the  construction  of  the  beautifully 
appropriate  building  in  which  the  Board  convenes  for  the 
first  time  this  morning."  The  balance  of  the  company's 
lease  from  Mr.  Cope  for  the  former  office  was  taken  by  Mr. 
Joseph  Cowjierthwait  for  his  proposed  new  insurance  com- 
pany, for  which  a  charter  was  procured  at  the  next  Legis- 
lature, and  known  as  the  "Philadelphia,"  the  formei"  of  that 
name  having  some  years  before  retired  from  business. 

The  growth  of  the  company's  aftairs  in  the  next  two 
decades  proved  these  accommodations  inadequate,  and  in 
1872  communication  was  had  with  the  Farquhar  building- 
on  the  east,  and  two  large  rooms  therein  leased  for  the 
officers  and  a  directors'  room;  and  in  1874  a  three  story 
building  was  erected  on  the  end  of  the  lot  adjoining  the 
main  office,  and  the  pleasant  garden  was  no  more.  But  five 
years  after  this,  a  period  which  showed  the  greatest  advance 
ever  made  in  the  company's  business  up  to  that  time,  the 
directors  looked  for  yet  more  commodious  quarters,  and  on 
15  January,  1880,  purchased  for  $70,000,  from  the  estate 
of  the  late  Edward  Y.  Farquhar,  the  property  adjoining  on 
the  east,  and  known  as  the  Farquhar  Buildings,  being  35 


Front  View  of  Buildings  on  sitk  of  which  the  North  America's  Building  was  erected  1880. 


INSURANCE  COMPANY  OF  NORTH  AMERICA.         91 

feet  front  by  138  feet  deep.  This  building  had  been  erected 
by  Mr.  Farquhar  in  1850,  on  the  site  of  two  buildings  then 
known  as  !N^os.  56  and  ^i^  Walnut  street,  and  had  been 
occupied  exclusively  for  offices.  Within  two  months  this 
building  was  vacated  by  its  tenants,  and  plans  were  adopted 
for  a  suitable  building  to  cover  both  the  old  and  new  prem- 
ises as  prepared  by  Messrs.  Cabot  and  Chandler,  architects, 
of  Boston;  and  temporary  quarters  were  secured  in  the 
building  owned  and  formerly  occupied  by  the  Philadelphia 
Saving  Fund  Society,  No.  306  Walnut  street,  now  owned 
and  occupied  by  the  Royal  Insurance  Company,  into  which 
the  company  moved  24  May.  On  12  July  the  old  office 
submitted  to  the  first  stroke  of  destruction,  and  on  16 
August,  the  first  foundation-stone  of  the  new  building  was 
laid  on  the  Walnut  street  line.  The  winter  of  1880  and 
1881  came  early,  and  proved  an  exceptionably  severe  one, 
and  the  work  was  much  delayed.  The  following  summer 
saw  the  completion  of  the  present  handsome  and  substantial 
building,  and  occupancy  was  finally  enjoyed  by  the  company 
on  6  December,  1881. 


92  A  HISTORY  OF  THE 


X. 

LIVES  OF  THE  FOUNDERS  AXD  THE  PRESIDENTS. 

4  HISTOEY  of  the  Insurance  Company  of  :N'orth 
J~\  America  would  not  be  complete  without  fitting 
notices  of  its  executive  oificers.  A  retrospect  of 
the  lives  of  these  men  will  show  the  causes  of  the  company's 
endurance  throuoh  trving^  times,  and  its  final  established 
successes;  representative  men  they  all  were,  and  their  con- 
nection necessarily  made  the  company  a  representative 
corporation.  It  has  not  been  a  light  task  to  gather 
materials  for  their  memoirs,  but  sufficient  is  now  known 
of  them,  to  recognize  in  them,  men  of  parts,  of  intelli- 
gence, and  of  probity;  and  in  some  of  them,  men,  who 
on  behalf  of  their  native  country,  took  no  common  part 
in  aiding  its  establishment  as  an  independent  nation;  men 
who  gave  their  best  energies  and  of  their  means  to  their 
country,  could  not  but  be  found  faithful  to  the  institu- 
tion whose  concerns  were  in  after  years  committed  to  their 
care  and  oversight.  Of  Mr.  Nesbitt,  the  first  president, 
but  little  can  now  be  gathered.  To  him,  and  especially  to 
Mr.  Hazard,  must  be  granted  the  meed  of  the  successful 
establishment  of  the  company ;  hence,  the  ensuing  notice  of 
Mr.  Hazard  properly  follows  that  of  Mr.  JSTesbitt,  before  we 
can  enter  upon  the  public  and  private  career  of  the  latter's 
successor.  Colonel  Pettit.  And  a  notice  of  Mr.  Samuel 
Blodget,   though    he   was    not    an    officer,   finds    the   most 


INSURANCE  COMPANY  OF  NORTH  AMERICA.        93 

appropriate  place  as  a  co-founder  with  Mr.  Hazard  and  the 
others  immediately  following  that  of  Mr.  Hazard. 

1. 

Mr.  Johist  Maxwell  JS^esbitt  was  born  in  Ireland  in 
1728,  and  came  to  this  country  in  early  life,  and  entering 
mercantile  life,  became  very  successful  in  business,  in  the 
conduct  of  an  extensive  mercantile  house  in  this  city,  wdiich 
was  widely  known  in  its  connections  successively  as  that  of 
Conyngham,  N^esbitt  &  Co.,  the  senior  being  Mr.  Redmond 
Conyngham,  who  subsequently  returned  to  Ireland,  and 
there  died,  and  whose  advertisements  appear  in  the  Penn- 
sylvania Gazette  as  early  as  9  June,  1757;  of  John  M. 
^esbitt  &  Co.;  and  of  Conyngham,  ^esbitt  &  Co.,  when 
David  Hayfield  Conyngham,  the  son  of  Redmond,  was 
admitted,  and  the  old  style  was  resumed.  His  interest  in 
Colonial  affairs  led  him  into  active  participation  in  the 
Revolution,  he  and  his  younger  partner  Mr.  Conyngham, 
being  elected  members  of  the  First  Troop  Philadelphia  City 
Cavalry  in  March,  1777,  as  his  elder  brother,  Alexander 
j^esbitt  had  been  two  years  preceding.  He  remained  an 
active  member  of  this  now  venerable  company  through  the 
Revolution,  sharing  in  its  New  Jersey  campaigns,  and  on 
his  resignation,  was  made  an  honorary  member  10  Sep- 
tember, 1787,  with  his  brother. 

Mr.  ]N^esbitt  was  one  of  the  original  members  of  the 
Friendly  Sons  of  St.  Patrick,  and  was  elected  vice-president 
at  their  first  meeting,  17  September,  1771.  He  became  its 
second  president  in  1773,  and  afterwards  held  the  same 
office  from  June,  1782  to  March,  1796,  at  Avhich  time  his 


94  A  HISTORY  OF  THE 

health  began  to  fail.  It  was  from  the  membership  of  this 
societ}^  that  the  Hibernian  Society  was  formed  27  June, 
1792,  a  society  which  to  this  day  continues  in  useful  activity, 
and  is  the  heir  to  the  good  fame  of  the  Friendly  Sons.  So 
many  of  his  associates  in  this  organization  w  armly  espoused 
the  side  of  the  Colonies  when  the  clouds  of  bitter  dis- 
appointment arose,  shutting  out  hope  of  any  redress  of 
grievances  from  the  British  parliament,  that  Mr.  [N^esbitt 
would  have  been  singular,  had  he  forborne  participation  in 
the  stir  of  the  times.  On  17  June,  1780,  the  house  of  J. 
M.  !N^esbitt  &  Co.  subscribed  £5,000  to  the  fund' to  support 
the  credit  of  a  bank  for  furnishing  a  supply  of  provisions 
for  the  use  of  the  army,  and  Mr.  Nesbitt  was  appointed  one 
of  the  five  inspectors  of  the  organization,  which  was  effected 
under  the  name  of  the  "Pennsylvania  Bank."  Mr.  Simpson 
in  his  Lives  of  JEminent  Philadel])hians,  narrates  the  story 
of  his  faithful  patriotism,  when  Judge  Peters  called  on  him 
among  the  first  after  his  receiving  a  letter  from  General 
Washington,  depicting  the  great  needs  and  suffering  of  the 
army,  and  explaining  to  him  the  wishes  of  AVashington. 
Mr.  ^esbitt  replied,  "that  a  Mr.  Howe,  of  Trenton,  had 
offered  to  put  up  pork  for  him  if  he  were  paid  in  hard 
money,  and  that  he  had  contracted  with  Howe  to  put  up  all 
the  pork  and  beef  he  could  possibly  obtain,  for  which  he 
should  be  paid  in  gold."  The  engagement  was  performed 
by  Mr.  Howe,  and  J.  M.  ^esbitt  &  Co.  paid  him  the  gold. 
Mr.  [N'esbitt  said  to  Judge  Peters  he  might  have  this  beef 
and  pork,  and,  in  addition,  a  valuable  prize  just  arrived, 
laden  with  provisions.  Mr.  IN^esbitt,  with  others  prominent 
in  the  organization  of  the  Bank  of  Pennsylvania,  identified 


INSURANCE  COMPANY  OF  NORTH  AMERICA.        95 

themselves  with  the  new  banking  institution  promoted  by 
Robert  Morris  the  year  following,  and  at  the  organization 
of  the  Bank  of  North  America,  on  1  ^N'ovember,  1781,  he 
was  elected  one  of  its  directoi's,  and  he  continued  in  the 
board  until  9  January,  1792.  On  31  December  following, 
it  was  incorporated  as  "The  President,  Directors,  and  Com- 
pany of  the  Bank  of  North  America,"  and  here  we  may 
perhaps  find  the  original  of  the  title  to  the  new  insurance 
company  which  ten  ^^ears  later  opened  its  doors  under  Mr. 
Nesbitt's  presidency. 

Judge  Peters  was  one  of  the  witnesses  to  his  will,  with 
James  S.  Ritchie,  Francis  West,  and  Redmond  Conyng- 
ham,  wdiich  was  proved  25  January,  1802,  and  by  w  hich  he 
left  his  entire  estate,  after  providing  annuities  to  his  surviv- 
ing brother  James  and  three  sisters,  to  his  friend  and 
partner  Mr.  Conyngham,  wdiose  son,  the  late  Judge  Conyng- 
ham,  the  eminent  Pennsylvania  jurist,  born  four  years 
before  his  death,  was  named  John  Nesbitt  Conyngham. 
In  the  Daily  Advertiser  of  27  January,  1802,  a  friend's 
obituary  of  Mr.  Nesbitt  describes  him  in  the  following 
words:  "This  worthy  citizen  maintained  for  upwards  of 
half  a  century  the  character  of  an  upright  and  intelligent 
merchant  in  this  city.  In  his  extensive  dealings,  friendship 
and  kindness  always  tempered  the  claims  of  interest  and 
justice.  In  private  life  he  was  truly  amiable,  and  so  circum- 
spect and  discreet  in  his  manners,  as  never  to  oiiend  by 
speech  or  conduct.  His  remains  were  interred  on  Sunday 
[21:th]  in  the  First  Presbyterian  Church,  and  attended  by 
a  numerous  concourse  of  respectable  friends  and  fellow 
citizens." 


96  A  HISTORY  OF  THE 

2. 

Mr.  Ebexezer  Hazard  was  one  of  the  earlier  promoters 
of  the  association  which  gave  birth  to  the  Insurance  Com- 
pany of  !N'orth  America,  and  to  his  energy  and  industry 
must  be  largely  attributed  the  instant  success  and  the 
stead}^  growth  of  the  institution.  He  was  a  man  of  note 
among  his  peers,  and  prominent  in  all  the  various  under- 
takings in  which  he  engaged,  and  equally  so  in  those 
initiated  by  others  as  in  those  of  his  own  origination.  The 
company  was  favored  in  having  as  its  first  secretary  so 
faithful  and  conscientious  an  officer,  and  one  whose  standing 
in  business  and  literary  circles  allied  him  to  a  large  connec- 
tion, and  whose  wise  administration  of  the  general  Post 
Office  Department,  for  many  years  previously,  was  a  guar- 
antee to  both  its  stockholders  and  its  clients  of  a  just 
administration  of  his  responsible  duties. 

Ebenezer  Hazard,  the  son  of  Samuel  Hazard,  of  Phila- 
delphia, who  was  the  great-grandson  of  Thomas  Hazard, 
who  came  from  Wales  and  settled  on  Long  Island,  was 
born  in  that  city  26  January,  IT-to,  and  "was  baptised  in 
the  'Xew  Building'  in  Fourth  street  below  Arch.''  later 
known  as  the  Old  Academy,  on  7  February,  by  Rev. 
Gilbert  Tennent.  He  was  the  second  son,  and  named  after 
the  Pev.  Ebenezer  Pemberton,  who  was  the  pastor  of  his 
mother  at  the  First  Presbyterian  Church,  ^ew  York,  and 
by  whom  his  parents  were  married  in  October,  1739;  she 
was  the  daughter  of  Matthew  Clarkson.  of  that  city,  whose 
\N4fe  was  Cornelia  Depeyster,  and  the  sister  of  Matthew 
Clarkson,  who  was  in  1792  mayor  of  the  city  of  Philadel- 
phia.     Samuel  Hazai'd  resided  some  years  in  ^ew  York, 


FlUST  Skcketary,  17!I2-1SII0. 


INSURANCE  COMPANY  OF  NORTH  AMERICA.        97 

but  returned  to  Philadelphia  before  the  birth  of  his  son. 

He  was  a  merchant,  and  sold  books  among  his  other 
merchandise,  and  was  one  of  the  founders  of  the  Pennsyl- 
vania Hospital,  and  for  a  number  of  years  a  manager  until 
his  death ;  and  an  original  and  active  trustee  of  the  College 
of  New  Jersey,  and  was  one  of  the  first  members  of  the 
Second  Presbyterian  Church,  which  was  organized  through 
the  instrumentality  of  the  Rev.  George  Whitefield  in  1743, 
and  under  the  pastoral  care  of  the  Rev.  Gilbert  Tennent. 
He  died  14  July,  1758. 

Ebenezer  Hazard  spent  his  early  years  at  the  school 
of  the  Rev.  Dr.  Samuel  Finley  (who  afterwards  married, 
for  his  second  wife,  Anna  Clarkson,  Hazard's  aunt)  at 
JN'ottingham,  Maryland,  and  graduated  at  Princeton  College 
in  1762,  of  which  Dr.  Finley  had  become  the  president 
the  year  previously;  one  of  his  classmates  was  Jonathan 
Dickinson  Sergeant.  In  1780  he  wrote  a  life  of  Dr. 
Finley.  In  IN'ovember,  1762,  he  enlisted  in  a  privateer, 
and  the  following  month  was  wrecked  off  Martinique; 
subsequently  shipping  on  H.  M.  ship  Scarhorougli  he  cruised 
in  the  West  Indies  until  June,  1764,  and  afterwards  sailing 
for  England  was  there  discharged  and  arrived  home  in 
March,  1765. 

He  removed  to  New  York  in  1767,  and  enjrao-ed  there  in 
the  book  business  with  Garret  Noel,  and  in  1770  became 
his  partner  under  the  style  of  Noel  &  Hazard,  and  so  con- 
tinued until  April,  1774,  when  the  business  proving  less 
successful  the  firm  was  dissolved.  It  was  in  this  connection 
that  he  developed  that  intimacy  with  books  which  was  so 
helpful    to   him    in   after  years,   and   made  for  him  those 


98  A  HISTORY  OF  THE 

literary  acquaintances  which  through  life  afforded  him  very 
agreeable  connections. 

He  spent  parts  of  the  years  1770  and  1771  in  England. 
In  July,  1775,  the  Kew  York  Provincial  Congress  recom- 
mended him  to  the  Continental  Congress  as  a  fit  person  for 
postmaster,  and  on  5  October  he  was  appointed  the  first  post- 
master of  IS'ew  York.  On  30  August,  1776,  the  day  after 
the  retreat  of  the  American  army  from  Long  Island,  he  was 
ordered  by  the  Committee  of  Safety  to  Dobbs  Fei-ry,  and 
in  this  neighboi'hood  the  New  York  post  office  mostly 
remained  until  after  the  evacuation  of  the  city  by  the 
British  army  in  JS^ovember,  1783.  In  1777  he  was  appointed 
surveyor  of  the  post  roads  and  offices  throughout  the  coun- 
try, and  traveled  on  duty  on  horseback  between  ]New 
Hampshire  and  Georgia  until  his  appointment  28  January, 
1782,  as  Postmaster  General  of  the  United  States.  He  was 
the  third  to  fill  this  office,  in  which  he  continued  for  seven 
years,  succeeding  Pichard  Bache  who  had  succeeded  Ben- 
jamin Franklin.  It  was  at  this  period  he  writes  "he  is 
hurried  through  life  on  horseback,"  but  his  new  appointment 
gives  him  promise  of  a  settled  j^lace  of  residence — which  he 
found  in  his  native  city.  It  was  in  1779,  in  the  midst  of  his 
wanderings  on  government  service,  that  he  began  to  gather 
materials  for  his  Historical  Collections,  consisting  of  State 
Papers  and  other  Autheiitic  Documents  intended  as  materials 
for  a  History  of  the  United  States,  no  doubt  filling  in  his 
spare  moments  in  his  tours  through  the  principal  towns  by 
copying  documents  and  manuscripts,  which  he  finally  pub- 
lished, the  first  volume  in  1792  and  the  second  in  1794. 
It  was  with  his  usual  untiring  industry  that  being  armed 


INSURANCE  COMPANY  OF  NORTH  AMERICA.        99 

by  the  authority  of  Congress  with  the  right  to  examine  and 
copy  whatever  he  saw  fit,  that  he  made  copies  of  State 
papers  and  documents  which  he  observed  were  fast  going 
to  decay  or  were  being  scattered  and  lost.  Dr.  AlHbone 
truly  says  of  him  and  his  son  Samuel,  the  compiler  of  the 
Colonial  Records  of  Pennsylvania  and  the  Pennsylvania 
Archives,  that  "it  is  to  such  indefatigable  laborers  that 
historians  are  indebted  for  much  of  the  most  valuable 
portions  of  their  compilations."  His  labors  on  this  work 
were  in  part  interrupted  by  his  appointment  as  Postmaster 
General,  but  were  resumed  in  1789  on  his  retirement  and 
then  pursued  to  completion,  though  the  second  volume  w^as 
published  when  he  was  engrossed  in  his  very  active  duties 
as  secretary  of  the  Insurance  Company  of  JS^orth  America. 
Mr.  Hazard  married,  11  September,  1783,  Abigail, 
daughter  of  Joseph  and  Jane  (Chevalier)  Arthur  of  Nan- 
tucket. They  were  married  at  the  residence  of  Judge 
Breese,  in  Shrewsbury,  JST.  J.,  whose  wife  was  Mrs.  Hazard's 
elder  half-sister;  Judge  Breese  by  his  first  marriage  with 
Rev.  Dr.  Finley's  daughter  became  the  grandfather  of  the 
great  inventor  Samuel  F.  B.  Morse,  LL.D.  In  his  corres- 
pondence with  Dr.  Jeremy  Belknap,  whose  History  of  New 
Hampshire  was  published  in  Philadelphia  in  1781  under  the 
superintendence  of  Mr.  Hazard,  there  are  many  interesting 
personal  references  to  the  Breese  family  and  its  connections; 
this  correspondence  was  published  by  the  Massachusetts 
Historical  Society  in  1878,  and  evidences  Mr.  Hazard's 
business  as  well  as  literary  ability,  and  aftbrds  us  a  good 
exposition  of  his  christian  and  manly  character  as  well  as 
his  merits  as  a  finished  letter-writer. 


100  A  HISTORY  OF  THE 

He  began  his  housekeeping  on  Arch  street,  old  !No.  161, 
below  Fifth  street,  where  their  son  Samuel  was  born  26 
May,  1784;  but  on  the  removal  of  Congress  to  l!^ew  York 
his  office  followed,  and  he  renewed  his  residence  in  that  cit  y, 
and  there  continued  until  his  retirement  from  office  in  1789. 
Charles  Thomson,  the  secretary  of  Congress,  writes  his  wife 
from  ]N^ew  York,  6  April,  1785:  "Hazard,  the  postmaster- 
general,  has  in  consequence  of  the  order  of  Congress  come 
here  and  has  been  trying  to  get  a  house.  He  meets  with 
difficulty,  and  wishes  to  have  leave  to  reside  in  Philadelphia; 
whether  he  will  get  leave  or  not  I  cannot  tell."" — MS.  letter. 
He  ffiially  returned  to  Philadelphia  in  December,  1790, 
having  in  that  year  served  on  the  board  of  three,  appointed 
by  General  Knox,  Secretary  of  War,  to  appraise  West 
Point,  then  about  to  be  purchased  by  the  government. 
He  here  entered  into  the  brokerage  of  stocks  with  Jonas 
Addoms,  a  firm  which  continued  until  1792.  He  may  have 
united  the  brokerage  of  insurances  in  his  business,  which 
doubtless  brought  him  in  connection  with  the  project 
broached  early  in  the  latter  year,  of  forming  in  Philadelphia 
an  Association  of  Underwriters. 

He  was  the  owner  of  two  lots  and  houses  on  Arch  street 
above  Fourth  street,  one  of  which  he  had  purchased  in  1783, 
and  in  April,  1792,  he  removed  these  and  erected  on  the 
eastei-n  portion  of  this  property  his  three-story  brick  man- 
sion, No.  145  Arch  street  (now  415),  into  which  he  moved 
in  November.  He  describes  it  to  Dr.  Belknap  as  "a  fair 
brick  house  in  an  inconvenient  part  of  the  city,  and  too 
remote  from  the  theatre  of  business."  This  was  sold  by 
his  executrix  on  8  November,  1817,  to  William  Sansom, 


INSURANCE  COMPANY  OF  NORTH  AMERICA.       101 

who  purchased  it  for  his  daughter,  Mrs.  George  Vaux,  and 
until  its  purchase  and  destruction  by  Mr.  Womrath  in  1861 
it  was  generally  known  as  the  Vaux  Mansion;  the  eastern 
of  the  thi-ee  buildings  erected  by  Mr.  Womrath  stands  on 
part  of  the  site  of  the  old  house;    the  remainder  of  the  lot 
was  thrown  into  the  garden;   adjoining  on  the  west  was 
Mr.  John  Cooke's  property,  which  was  also  purchased  by 
Mr.  Womrath,  and  upon  these  two  his  three  stores  are 
erected.     This  mansion  which  Mr.  Hazard  built,  which  he 
occupied    for   twenty-five   years,    and   therein   died,   is   of 
interest  as  containing  the  office  of  the  North  America,  and 
whei-e  all  its  business  was  transacted  during  the  prevalence 
of  the   fearful   epidemic   of  ^^ellow  fever  in   1793,  as  the 
regular  office  had  to  be  abandoned  on  account  of  its  vicinity 
to  the  affected  district.     He  writes  12  October,  1793,  to  his 
friend,  S.  A.  Otis,  ""Here  I  am,  with  my  family,  in  the  midst 
of  disease  and  death,  which  will  no  doubt  surprise  many,  but 
Divine  Providence  had  placed  me  in  such  a  situation  that 
it  appeared  evidently  to  be  my  duty  to  remain  in  town. 
This  point  being  settled,  I  had  no  difficulty  in  determining 
what  to  do.     I  have  always  found  the  path  of  duty  to  be 
the  way  of  safety ;  and  whilst  I  know  that  I  walk  in  it,  I 
can  cheerfully  commit  all  events  to  the  Great  Disposer  of 
them."     And  on  30  October  to   Dr.  Jeremy  Belknap  he 
writes :  "  To  remove  from  the  city,  or  not,  was  early  a  ques- 
tion in  my  mind;  but  upon  thinking  over  all  circumstances, 
and  especially  how  much  depended  on  me  respecting  the 
insurance  office,  I  felt  it  to  be  ni}^  duty  to  i-emain  in  the 
city,  and  determined  accordingly.     I  have  not  been  out  at 
all,  and  Mrs.  Hazard  would  not  have  me,  so  we  all  took  our 


102  A  HISTORY  OF  THE 

chance  together."  These  extracts  testify  to  the  steadfast- 
ness and  faithfiihiess  of  the  man,  who  believed  his  way  of 
safety  was  in  the  path  of  duty.  The  president,  Mr.  Xesbitt, 
a  man  not  of  robust  health,  had  early  left  the  city  and  found 
refuge  at  his  partner  Mr.  Conyngham's  residence,  Clermont, 
three  miles  to  the  north  of  the  city,  and  from  there  com- 
municated almostly  daily  with  Mr.  Hazard.  But  the 
epidemic  invaded  his  household,  and  he  and  Mrs.  Hazard, 
his  daughter,  his  sister,  a  young  woman  from  the  country, 
a  servant,  and  man  were  all  in  succession  stricken  down, 
and  his  sister  Anna  died  of  it  18  October,  and  was  buried 
the  same  da}',  and  the  old  servant  was  also  a  victim  to  it. 
In  his  letter  to  Mr.  Otis  of  12  October  he  says:  "We  have 
had  our  share  of  the  disorder,  but  it  has  been  very  moderate 
compared  with  the  sufferings  of  others.  I  am  recovered; 
Mrs.  Hazard  is  so  well  as  to  be  about  the  house." 

On  27  July  he  had  written  Dr.  Belknap:  "I  am  seldom 
with  my  family,  except  at  meal  times  and  while  I  am  asleep, 
and  frequently  do  not  leave  the  office  before  nine  at  night. 
Perhaps  I  perform  works  of  supererogation,  but  it  seems  to 
be  necessary  at  present.  If  business  continues  to  encrease 
as  it  has  done,  assistance  will  be  necessary."  His  industry 
appeared  to  be  exceptional;  all  the  records  of  the  office 
were  kept  by  him  for  many  months ;  books,  correspondence 
and  policies  were  all  from  his  pen,  and  he  personally  attended 
to  all  minutiye  of  the  office;  for  though  a  clerk  was  in  a 
short  time  after  the  company's  operations  began  employed, 
all  the  responsible  clerical  work  remained  in  his  hands. 
The  office  work  of  those  days  was  prolonged,  and  while 
to-day  we  condense  in  a  few  consecutive  hours  the  work  of 


INSURANCE  COMPANY  OF  NORTH  AMERICA       103 

the  entire  day,  the  custom  of  the  period  was  to  accommo- 
date the  merchants,  who  mainly  living  over  their  counting- 
houses  had  no  limits  of  hours  in  the  transaction  of  their 
private  or  business  affairs.  We  find  that  by  resolution  of 
the  directors  on  15  January,  1795,  the  president  was 
required  to  attend  the  office  from  eleven  to  two  o'clock,  and 
five  to  eight,  and  the  secretary  from  ten  to  two,  and  from 
four  to  eight  each  day.  This  practice  continued  in  effect 
for  nine  years.  On  18  July,  1797,  Mr.  Hazard  writes  Dr. 
Belknap,  "It  is  not  necessary  that  our  hours  of  business 
should  be  such  as  they  are,  and  I  have  tried  to  get  them 
altered  so  as  to  give  me  a  little  time  for  recreation,  but  I  have 
not  succeeded."  On  14  January,  1796,  he  writes:  "It  is 
near  Ten  O'clock  at  night  and  I  have  not  left  the  office 
yet."  And  it  was  in  the  midst  of  this  labor,  that  he  passed 
through  the  press  the  second  volume  of  his  Historical 
Collections^  for  which  he  was  obliged  to  prepare  a  second 
Index,  as  his  first  MS.  of  this  was  destroyed  at  the  fire  of 
Thomas  Dobson's,  the  publisher. 

Correlative  to  Mr.  Hazard's  industrious  and  faithful 
application  to  his  duties  in  the  IS^orth  America,  it  is  well  to 
quote  here  his  account  of  his  labors  as  Postmaster  General 
recounted  in  his  address  to  President  Washington,  21 
September,  1789,  when  a  change  seemed  to  be  impending 
in  the  management  of  the  office.  "Though  I  have  made 
repeated  applications  for  more  assistance  and  so  clearly 
pointed  out  the  necessity  there  was  for  it,  that  a  Committee 
of  Congress  reported  in  favor  of  its  being  allowed,  I  have 
been  left  to  encounter  the  whole  business  of  the  department 
almost  alone.      *     '''     *     *     Besides  the  general  superin- 


104  A  HISTORY  OF  THE 

teridence  of  fifteen  hundred  miles,  exclusive  of  post  roads, 
I  have  had  to  maintain  a  very  burthensome  correspondence; 
to  examine  the  quarterl}^  returns  from  all  the  eastern  offices; 
to  entei"  all  the  accounts;  to  keep  the  books  of  the  depart- 
ment (which  since  my  appointment  has  been  in  double 
entry);  to  make  communications  to  Congress  and  com- 
mittees, which  have  frequently  required  lengthy  and  tedious 
calculations ;  to  form  and  enter  into  contracts,  and  pay  the 
contractors  quarterly;  to  inspect  the  dead  letters;  and  to 
do  the  business  out  of  doors  as  well  as  within.  My  own 
attention  has  been  so  constantly  necessary  that  I  have  not 
had  time  for  proper  relaxation,  and  in  three  years  past, 
have  not  been  to  the  distance  of  ten  miles  from  this  city. 
I  once  hired  a  clerk,  but  found  my  salary  was  not  equal  to 
that  expense  in  addition  to  the  suppoi't  of  my  family,  and 
was  obliged  to  dismiss  him.""  It  was  under  his  administra- 
tion that  the  department  for  the  first  time  became  paying. 
Mr.  Hazard's  pecuniary  interests  in  the  company  were 
great,  and  many  of  the  stockholders  were  his  personal 
friends.  Mr.  Robert  Ralston,  whose  wife  was  his  cousin,  was 
a  director  until  1800.  On  17  December,  1799,  he  asks  leave 
to  resign,  as  his  health  was  so  much  aflected  by  his  constant 
close  attention  to  business,  and  the  same  year  he  appears 
to  have  parted  with  the  major  part  of  his  stock  and  at  a 
handsome  premium;  and  at  the  stockholders'  meeting  on 
13  January  following,  his  resignation  was  accepted  with 
their  "thanks  for  his  long  and  faithful  services  as  secretary 
of  this  company."  He  was  requested  to  act  as  secretary 
pro  tern,  until  the  office  was  sui)plied,  but  he  did  not 
contiinie  this  long;  a  temporary  arrangement  was  made  by 


INSURANCE  COMPANY  OF  NORTH  AMERICA.       105 

which  Mr.  Robert  S.  Stephens,  the  bookkeeper  should  be 
first  clerk  and  to  countersign  checks,  but  no  secretary  was 
appointed  until  Mr.  Stephens'  election  to  the  office  28 
Februar},  1806.  It  was  during  the  last  years  of  his 
administration  that  occurred  the  heavy  drains  upon  the 
company's  fund  from  the  captures  of  our  merchantmen  by 
French  cruisers,  amountino^  in  the  ago-reofate  to  the  sum  of 
$514,125.80,  and  the  harassments  arising  from  this  source 
with  the  uncertaint}^  of  the  company  being  reimbursed  by 
the  French  government,  contributed  greatly  to  Mr.  Hazard's 
desire  to  be  released  from  any  further  official  responsibility. 
In  his  seven  3  ears'  secretar3^ship,  the  company  had  in  its 
marine  business  received  in  premiums  $4,588,497.29,  and 
paid  in  losses  |3,556,682.99,  and  in  its  fire  business,  begun 
in  December,  1794,  had  received  $49,241.26  ])remiums,  and 
paid  losses  $22,853.99,  and  upon  its  capital  of  $600,000, 
had  paid  dividends  to  its  stockholders  amounting  to 
$591,296.63. 

But  Mr.  Hazard's  energies  forbade  idleness,  and  his 
release  from  office  duties  allowed  him  opportunities  for 
equally  eflScient  work  in  philanthropic  and  literary  pursuits 
and  in  ecclesiastical  stations.  He  was  trustee  and  elder  in 
the  Second  Presbyterian  Church,  then  at  Third  and  Arch 
streets,  from  1784  until  his  death,  and  was  trustee  of  the 
General  Assembly;  during  his  residence  in  New  York,  he 
had  been  a  trustee  of  the  First  Presbyterian  Church,  located 
in  Wall  street.  He  was  a  deeply  read  bible  student,  and  a 
fine  Greek  scholar,  and  revised  Charles  Thomson's  MSS.  of 
his  original  translation  of  the  bible.  The  cori'espondence 
between  the  two  is  yet  preserved  in  the  family,  and  Thomson 


106  A  HISTORY  OF  THE 

general  I}'  yielded  to  the  reasons  advanced  by  Mr.  Hazard  for 
his  corrections.  He  finally  purchased  Mr.  Thomson's  share 
in  the  transaction,  and  afterwards  disposed  of  it  to  Eai'le, 
the  bookseller,  and  as  it  was  passing  through  the  press  in 
1808  he  corrected  the  proof-sheets.  He  was  Curator  of  the 
American  Philosophical  Society,  to  which  he  often  con- 
tributed papers;  the  first  corresponding  member  of  the 
Massachusetts  Historical  Society ;  member  of  the  New 
York  Historical  Society,  and  fellow  of  the  American 
Academy  of  IS^atural  Sciences.  He  was  for  many  years 
manager  of  the  Schuylkill  and  Pennsylvania  Bridge  Com- 
pany; of  the  Delaware  and  Schuylkill  Canal  Company;  of 
the  Philadelphia  Dispensary ;  a  member  of  the  Guardians  of 
the  Pool' ;  and  of  the  Board  of  Missions.  He  was  the  author 
of  the  proposals  and  the  outline  of  the  act  for  the  Schuylkill 
I^avigation  Company,  which  was  incorporated  in  1813.  He 
was  a  useful  promoter,  with  his  influence  and  capital,  of 
many  local  improvements,  and  while  possessing  a  sound 
judgment  in  all  things,  he  was  of  such  liberal  and  entei'pris- 
ing  turn  of  mind,  that  he  ever  stood  ready  to  take  a  share 
of  the  risk  which  any  venture  that  was  sanctioned  by  his 
judgment  demanded.  But  no  greater  monument  exists  to 
his  memory  in  financial  affairs  than  the  Insurance  Company 
which  had  the  impulse  of  his  mind  in  the  outstart,  and  his 
steadfast  and  faithful  administration  in  its  years  of  infancy; 
and  the  same  business  soundness  and  executive  ability  in 
the  successive  officers  of  the  company  will  preserve  to  it 
the  like  favoring  success  which  he  so  firmly  established. 

Mr.  Hazard  died  at  his  residence  on  Arch  street,  on  13 
April,  1817,  and  was  buried  in  the  ground  on  the  north  side 


INSURANCE  COMPANY  OF  NORTH  AMERICA.      107 

of  Arch  street,  west  of  Fifth  street;  but  on  the  removal 
of  that  cemetery,  his  remains  were  taken  to  Laurel  Hill. 
His  widow  survived  him  a  few  years,  dying  6  July,  1820. 
Mr.  Hazard  had  four  children,  the  youngest  dying  in 
infancy.  The  eldest,  was  Samuel,  born  26  Ma}' ,  1784,  whose 
name  is  established  in  American  historic  annals  as  one  of 
its  most  indefatigable  compilers,  and  who  died  26  May, 
1870;  the  second,  was  Elizabeth  Breese,  who  married  first 
Ebenezer  Rockwood,  of  Boston,  and  secondly,  the  Rev. 
Thomas  E.  Yermilye,  D.D.,  of  IN'ew  York,  and  died  in 
1861,  aged  75  years;  and  the  third,  Avas  Erskine,  born  30 
November,  1789,  who  was  identified  with  the  development 
of  the  Pennsylvania  anthracite  coal  fields,  and  was  one  of 
the  originators  of  the  Lehigh  Navigation  Company,  of  which 
he  was  for  many  years  the  president,  and  as  well  was  inter- 
ested in  the  promotion  of  other  enterprises  to  develop  the 
iron  as  well  as  coal  business  of  his  native  State.  He  died  in 
1865.== 

3. 

Mr.  Samuel  Blodget,  Jk.  was  a  native  of  "Woburn, 
Massachusetts,  where  he  was  born  in  1755.  He  entered 
into  military  service  and  passed  three  years'  arduous  duty, 
part  of  the  time  on  the  staff  of  General  Washington,  whom 
he  had  first  met  at  the  encampment  at  Cambridge  in  1775, 
and  with  whom  his  father  was  personally  intimate.  Sub- 
sequently, he  engaged  in  the  East  India  trade,  and  made 
visits  to  Europe  in  1784  and  1790.      He  married  for  his 

*  See  sketch  by  Mr.  \\' illis  P.  Hazard  of  his  grandfather's  Hfe  in  Mr.  Thomas 
R.  Hazard's  Recollections  oj  Olderi  Times,  New  York,  1879. 


108  A  HISTORY  OF  THE 

second  -svife,  on  10  May,  1792,  Rebecca,  the  second  daughter 
of  the  Reverend  William  Smith,  D.D.,  Provost  of  the 
University  of  Pennsylvania.  Mi-.  Blodget  was  a  man  of 
bold  spirit  and  venture,  and  while  interesting  himself  in  the 
Tontine  Association,  and  equally  in  its  successor  the  Insur- 
ance Company,  he  continued  his  efforts  to  found  the  national 
capital,  a  scheme  he  had  been  formulating  for  some  years, 
and  which  took  shape  on  his  last  return  from  Europe;  and 
in  connection  with  this,  he  planned  a  Xational  University, 
the  details  of  which  he  had  studied  out  in  his  foreign  tours, 
and  in  the  interests  of  which  he  frequently  conferred  with 
Dr.  Smith,  which  led  to  an  intimacy  in  his  family,  resulting 
in  the  marriao'e  with  his  dauo:hter.  In  his  Economica.  a 
statistical  Manual  for  the  United  States  of  America,'^  he 
says  of  himself:  "The  writer  needed  not  the  recommenda- 
tion of  his  former  commander  to  persuade  him  to  purchase, 
as  he  did  in  1791,  property  to  the  amount  of  above  $100,000 
in  and  adjoining  the  city,  one  day  to  become  the  noblest  of 
the  universe."  His  plans  for  the  new  cit}'  embraced  the 
establishment  of  his  university,  which  was  "what  he  most 
prized,  designed  in  part  at  the  Hague,  and  completed  at 
Oxford,  where  he  had  all  the  universities  of  ancient  and 
modern  times  to  guide  his  jjencil.**  The  success  of  the  new 
citv  of  Washino^ton  was  due  to  his  skill  and  manao^ement, 
though  some  measure  of  the  profits  of  his  investments  are 
realized  only  at  this  late  day  by  his  descendants  of  the  third 
generation.  Mr.  Blodget  died  in  Philadelphia,  11  April, 
181-1,  and  was  buried  on  the  13tli,  in  Christ  Church  burying- 


*  1813,  14  April,  the  directors  subscribe  for  one  copy  Samuel  Blodget's  Sta- 
tistical Works.     This  copy  yet  remauis  in  the  company's  library. 


re.i^ 


SiCOM)    l'lti:.-II>KNT,   17iHi-179>*;    ITllil   18IKi. 


INSURANCE  COMPANY  OF  NORTH  AMERICA.       109 

ground,  but  no  stone  marks  the  grave  of  the  founder  of 
Washington  City. 

4. 

CoLON^EL  Charles  Pettit,  son  of  John  Pettit,  was 
born  near  Am  well,  ]S^ew  Jersey,  in  1737.  He  was  early 
trained  in  public  affairs.  While  a  young  man  at  Trenton, 
Perth  Amboy,  Burlington  and  N^ew  Brunswick,  in  the 
Province  of  ]S^ew  Jersey,  he  held  positions  in  connection 
with  the  Courts  of  the  Province  under  the  Provincial 
Government  of  George  III.  His  earliest  commission 
appears  to  be  one  dated  27  October,  1769,  as  Deputy 
Secretary,  Clerk  of  the  Council,  Clerk  of  the  Supreme 
Court,  Clerk  of  the  Pleas,  Surrogate,  and  Keeper  and 
Register  of  the  Records  of  the  Province.  During  this 
period  he  also  held  commission  dated  8  March,  1771,  as 
Aide-de-Camp,  with  rank  of  Lieut.  Colonel,  to  William 
Franklin,  Governor  of  the  Province;  and  after  Franklin's 
arrest  in  1776,  he  was  commissioned  at  Princeton  8  October, 
17'r6  as  Aide-de-Camp,  with  rank  of  Colonel,  to  Governor 
William  Livingston. 

He  was  Colonial  Secretary  under  Governor  Franklin,  and 
held  most  intimate  and  constant  intercourse  with  him  during 
the  last  eventful  years  of  his  administration.  After  the 
revolutionary  proceedings  of  the  Colonial  Legislature  of 
^ew  Jersey,  which  brought  to  a  close  the  Franklin  admin- 
istration. Colonel  Charles  Pettit  was  again  appointed 
Secretary  of  the  Province  by  Governor  Livingston.  In  the 
published  records  and  archives   of   the  Province  of   ^ew 


110  A  HISTORY  OF  THE 

Jersey,  we  find  his  name  frequently  given  in  connection 
with  proceedings  of  the  executive  and  of  the  Provincial 
Congress  previous  to  1776.  His  residence  liad  been  at 
Burlington,  but  he  removed  with  his  family  to  Perth  Amboy 
in  1774  when  Governor  Franklin  removed  thither;  when 
Franklin  was  taken  prisoner  in  1776,  he  appears  subse- 
quently to  have  made  his  residence  in  Philadelphia,  after 
a  short  service  as  Secretary  of  the  Province.  During  this 
period,  fraught  with  anxiety  to  every  lover  of  liberty  in  the 
Colonies,  we  find  that  Colonel  Pettit  continually,  co-operated 
to  promote  harmony  between  the  Colony  and  the  mother 
country,  and  if  possible,  by  means  la^^'ful  and  peaceful  and 
honorable  alike  both  to  England  and  the  Province,  j^revent 
that  trouble,  resort  to  arms,  Avhich  the  obstinacy  of  the 
Kinof  and  his  Privv  Council  finallv  rendered  necessary. 

In  the  eventful  year  1776,  being  fort}^  years  of  age,  we  fmd 
him  providing  for  the  safety  and  protection  of  the  records 
of  the  Province,  which  the  Assembly  of  Xew  Jersey  by 
special  act  of  legislation  had  put  mto  his  charge.  And  sub- 
sequently he  entered  the  military  service  of  his  country,  being 
commissioned  Assistant  Quartermaster-General  to  Major- 
General  Greene  on  the  latter's  appointment  2  March,  1778* 
In  this  latter  capacity  he  rendered  faithful,  efficient  and 
responsible  sei'vice  for  a  long  period  under  General  Greene, 
and  was  with  him  at  T\"hite  Plains,  Philadelphia  and  else- 
where. With  General  Greene  he  had  maintained  an  intimate 
friendship  since  childhood,  and  when  that  oflScer  resigned, 

*At  the  same  time  Col.  John  Cox  was  appomted  assistant  quartermaster- 
general,  and  General  Greene  said  "  nothing  could  have  induced  hini  to  accept 
this  post  but  the  appointment  of  those  two  gentlemen  as  his  aids."  See  letter 
to  General  Keed,  9  March,  177S. 


INSURANCE  COMPANY  OF  NORTH  AMERICA.      Ill 

Colonel  Pettit  was  offered  the  Quartermaster-Generalship, 
but  declined  it. 

About  1783  he  moved  permanently  to  Philadelphia,  and 
soon  thereafter  became  engaged  in  mercantile  pursuits. 
Here  he  was  at  once  again  thrown  into  public  life. 

He  entered  the  Pennsylvania  Legislature  in  July,  1784, 
and  in  the  Continental  Congress,  to  which  he  was  elected 
the  next  year,  serving  from  7  April,  1785  for  two  years. 
During  this  term  of  service  the  great  questions  relative  to 
the  organization  of  the  Republic,  by  the  adoption  of  a 
Constitution  for  the  Confederation  of  States,  were  enp^ross- 
ing  the  attention  of  all  those  patriots  who  strove  to  place 
upon  a  firm  and  lasting  basis  that  independence  for  which 
they  had  risked  their  lives  and  fortunes.  One  of  Colonel 
Pettit's  contemporaries  has  thus  recorded  this  position  in 
regard  to  this  matter,  as  follows:  "He  stated  his  objections 
to  certain  portions  of  the  document  with  firmness,  but 
recommended  its  adoption  with  candour,  and  it  is  known 
that  he  became  the  principal  instrument  of  subduing  the 
Pennsylvania  opi^osition  by  his  conciliatory  conduct  at 
the  general  conference  which  was  held  in  Harrisburg 
previously  to  the  ultimate  vote  of  ratification."  On  13 
April,  1791,  he  was  appointed  the  commissioner  to  superin- 
tend accounts  of  the  Commonwealth  with  the  JN^ational 
government;  and  was  the  author  of  the  funding  system  of 
Pennsylvania.  He  was  a  trustee  of  the  University  of 
Pennsylvania  from  1791  to  1802,  and  a  member  of  the 
American  Philosophical  Society,  to  which  he  had  been 
elected  21  January,  1785,  in  whose  deliberations  he  took  a 
lively  part. 


112  A  ///STORY  OF  THE 

One  of  the  original  dii-eetors  of  the  Xorth  America,  and 
an  intimate  friend  of  Mr.  Hazard,  Colonel  Pettit  was  active 
in  its  interests  and  zealous  in  promoting  its  growth;  and  on 
the  resignation  of  Mr.  Nesbitt,  he  was  on  13  January,  1796, 
unanimously  elected  president.  In  September  of  the  follow- 
ing year,  he  met  with  an  accident  while  driving  with  his 
friend  General  Jonathan  ^Villiams,  near  the  latters  seat, 
Mount  Pleasant,  which  so  seriously  aifected  his  health,  that 
on  his  urgent  request,  the  directors  finally  accepted  his 
resigfuation  on  9  January,  1798.  On  his  illness  it  became 
necessary  to  appoint  a  president  pro  tern.,  and  Mr.  Joseph 
Ball  was  elected,  who  was  eventually  ap])ointed  president 
in  January  folloAving.  The  office  of  the  company  was  at 
this  time  in  Arch  street,  and  the  members,  in  fear  of  the 
yellow  fever,  were  out  of  the  city;  and  we  find  an  entry  in 
the  cash  book  on  17  September  of  a  payment  to  ''  J.  Hardy 
foi-  horse  hire,  occasioned  in  calling  a  Board  of  Directors 
to  a  special  meeting  to  elect  a  president  j^^'o  tern."  Colonel 
Pettit's  health  Avas  regained,  though  he  was  ])ermanently 
lamed,  and  his  interest  in  company  affairs  was  renewed,  and 
on  Mr.  Ball  declining  further  to  serve  on  account  of  the 
office  taking  more  of  his  time  than  he  could  spai'e  from  his 
private  affairs,  he  was  re-elected  8  July,  1799,  and  continued 
in  office  until  his  death,  3  September,  180(5.  The  board  had 
granted  him  the  use  of  two  rooms  in  the  upper  part  of  their 
office-building  southwest  corner  Front  and  AValnut,  when 
they  removed  thither  in  December,  1797,  in  consideration 
of  his  infirmities,  and  here  he  dwelt  during  Mr.  Ball's  presi- 
dency, and  on  his  re-election,  their  use  to  him  was  continued, 
or  as  the  minutes  quaintly  express  it,  "'he  was  indulged  (rent 


INSURANCE  COMPANY  OF  NORTH  AMERICA.       113 

free)  on  account  of  indisposition,  with  such  part  of  the  build- 
in  2^  not  rented."  He  continued  his  residence  here  until  the 
office  was  removed  to  l^o.  98  south  Second  street,  when  he 
moved  his  rooms  to  Dock  street,  near  Second  street,  where 
he  died.  An  obituary  to  his  memory  appeared  in  the  Daily 
Advertiser,  9  Septembei-,  180(5,  the  authorship  of  which  is 
attributed  to  the  pen  of  his  friend  General  AVilliams, 
whereby  we  can  form  a  truer  estimate  of  the  man's  character 
and  influence,  than  by  the  mere  recital  of  his  various  public 
duties.  His  interest  in  the  company  descends  to  present 
generations  of  his  family;  his  only  son,  Andrew,  was  a 
director  thirty-two  years;  his  son-in-law,  Andrew  Bayard, 
from  1798  to  1805,  and  his  great-g-randson,  Thomas  Charlton 
Henr}^  elected  a  director  in  18G4,  Avas  on  2  November,  1880, 
elected  vice-president  of  the  company,  and  the  latter's 
grandfather,  Alexander  Heiny,  an  intimate  friend  of  Colonel 
Pettit,  had  been  a  director  for  the  extended  term  of  forty- 
eight  years.  Colonel  Pettit  married  5  April,  1758,  Sarah, 
daughter  of  Andrew  Reed'"  of  Trenton,  by  his  iirst  wife, 
and  was  thus  intimately  connected  with  General  Joseph 
Reed,  the  son,  by  Mr.  Reed's  second  marriage.  With 
William  Bradford  and  Jared  Ingersoll  he  was  an  executoi* 
of  the  will  of  General  Joseph  Reed,  who  died  5  March, 


*  Colonel  Pettit's  father  and  father-in-law  had  been  associated  as  Reed  &  Pettit, 
in  general  merchandising  in  Philadelphia;  and  we  have  their  advertisenicnt  in 
the  Pennsylvania  Gazette,  7  Angust,  17^)0,  "  at  their  store  in  Front  Street,  a  few 
doors  below  Walnut  Street,  directly  opposite  Mr.  William  West's,"  nigh  to  the 
building  in  which  the  first  otRce  of  the  Insuran(;e  Company  of  North  America 
was  opened.  Reed  &  Pettit  were  among  the  prominent  underwriters  of  Phila- 
delphia, for  we  find  the  firm  subscribing  to  marine  policies  in  respectable 
amounts  as  early  as  in  July,  1759,  as  shown  by  Walter  Slice's  books,  and  as  late 
as  November,  1762,  we  find  them  in  Kidd  &  Bradford's  books. 


114  A  HISTORY  OF  THE 

1785.  Colonel  Pettit's  children  wei'e  a  son  Andrew,  and 
three  danghters:  Elizabeth,  who  married  Jared  Ingersoll, 
the  eminent  member  of  the  Philadelphia  bar,  and  for  many 
years  the  counsellor  of  the  Insurance  Company'  of  Xorth 
America;  Sarah,  who  married  Andiew  Bayard,  and  Theo- 
dosia,  who  married  Alexander  Graydon.  the  author  of 
Graydon^s  Memoirs. 

Portraits  of  Colonel  Pettit  were  made  by  Gilbert  Stuart 
and  Charles  Willson  Peale;  it  is  from  the  formers  painting 
that  the  cut  is  taken  which  is  produced  here. 

5. 

Mr.  Joseph  Ball  was  born  in  Douglas  township.  Berks 
county,  Pennsylvania,  in  1752.  the  son  of  John  and  Mary 
(Richards)  Ball.  In  early  manhood  he  became  manager  of 
thi'  iron  works  at  Batsto,  Burlington  county,  Xew  Jersey, 
then  owned  by  Colonel  John  Cox;  this  was  in  the  earlier 
years  of  the  Revolution,  and  in  1779  he  became  the  pro- 
prietor. These  works  were  extensively  employed  in  the 
manufacture  of  shot  and  shells  for  the  Continental  service. 
The  correspondence  of  Mr.  Ball  and  Colonel  Cox  with  the 
Committee  of  Safety  ol"  Philadelphia  in  May,  1776,  given 
in  the  Pennsylvania  Archives,  1st  series.  Irth  volume,  shows 
that  the  ammunition  then  being  furnished  to  the  committee 
was  by  their  special  order,  hauled  by  teams  from  Batsto  to 
Cooper's  ferry,  now  Camden,  instead  of  being  transported 
by  the  usual  less  expeditious  mode  of  conveyance  by  water. 
Mr.  Ball  took  the  oath  of  alleoiance  to  Pennsvlvania 
10  September,  1777.  and  during  the  Revolution  he  was  an 


INSURANCE  COMPANY  OF  NORTH  AMERICA.      115 

active  patriot  and  advanced  liberally  of  his  means  in  aid  of 
the  cause.     He  entered  into  business  in  Philadelphia  and 
with    much    success   accumulating    a    goodly  fortune   and 
becoming  largely  interested  in  real  estate.     After  the  close 
of  the  war,  it  is  said  he  embarked  in  the  schemes  for  the 
restoration   of   the    public    credit    inaugurated    by  Robert 
Morris,  by  means  of  which  he  with  many  others  suffered 
much  pecuniary  loss.     He  was,  in  October,  1791,  elected  a 
director  of  the  Bank  of  the  United  States,  which  Cono-ress 
had  incorporated  in  the  month  of  Februaiy  previous;   and 
he  was  one  of  the  original  board  of  the  Insurance  Company 
of  ]S^oi'th   America,   and   was   influential    in   its    councils; 
during  an  absence  of  Mr.  :N'esbitt  he  acted  as  president  iwo 
tern,  in  February,  1794,  when  Colonel  Pettit  met  with  his 
severe  accident,  he  was  on  20  September,  1797  again  made 
president  iwo  tern.,  and  on  9  January  following,  on  Colonel 
Pettit's  resignation,  was  elected   president.      His  private 
affairs,  however,  were  many  and  pressing,  and  he  resigned 
his  office  8  July,  1799.     His  seat  in  the  board  was  declared 
vacant  1  August,  1803,  under  the  charter,  agreeably  to  the 
provision  formerly  recited,  to  the  effect  that  a  director  of 
the   company   could   not  act  or  serve  in  like  capacity  in 
another  insurance  company,  as  he  had  taken  i)art  in  the 
organization  of  the  Union  Insurance  Company  and  on  20 
July  preceding,  had  been  elected  its  first  president.     This 
company  was  chartered  G  February,  1804,  and  Mr.  Ball  con- 
tinued president  until  10  Februaiy,  1807,  when  he  declined 
re-election  and  was  succeeded  by  Mr.  George  Latimer.    His 
country  seat  was    on   Point-no-Point    road,  the  site   now 
being  merged  in  the  improvements  of  the  Readino-  Railroad 


116  A  HISTORY  OF  THE 

Company  at  Port  Ivichmond.  Here  he  died  2  September, 
1825,  leaving  a  large  property,  which  upon  the  death  of  his 
wife,  and  leaving  no  children,  was  divided  among  a  lai'ge 
number  of  heii-s.  He  was  first  cousin  to  Mr.  Benjamin 
W.  Richards,  who  was  mayor  of  the  city  of  Philadelphia 
from  1829  to  1832. 

6. 

Mk.  John  Inskeep  was  elected  a  director  in  1802,  and 
on  Colonel  Pettit's  death  was  elected  president  1  October, 
180G.  He  was  boin  near  Marlton,  Burlington  county,  Xew 
Jersey,  29  January,  1757.  He  took  part  in  tlie  Revolu- 
tionary struggle,  and  was  Commissary  of  Issues  at  one 
time,  and  captain  in  the  second  battalion  Gloucester  militia. 
Subsequently  coming  to  Philadelphia,  he  became  proprietor 
of  the  George  Inn,  at  the  southwest  corner  of  Dock  and 
Second  streets,  and  afterwards  entered  the  China  trade  and 
became  a  prosperous  merchant,  and  was  active  in  many 
public  enterprises.  He  was  elected  mayor  of  the  city  in 
1800,  and  again  in  1801  and  1805,  and  became  president  of 
the  company  at  the  close  of  the  last  term.  He  had  also 
served  as  alderman  in  1801  and  1802.  His  conduct  of  the 
presidency  of  the  company  was  veiy  successful,  and  in 
July,  1821  the  Ijoard  voted  him  a  set  of  plate  valued  at 
§500,  as  an  acknowledgment  of  his  services  in  procuring 
the  reimbursement  of  the  claims  under  the  Spanish. treaty, 
which  i>roduced  to  the  stockholders,  as  stated  on  a  foi'mer 
page,  a  dividend  of  sixty  per  cent,  at  that  semi-annual 
period.    He  acknowledges  receipt  of  this  worthy  testimonial 


FouKTH  President  1806-1831. 


INSURANCE  COMPANY  OF  NORTH  AMERICA.       117 

on  19  August  following,  in  a  well-written  lettei-,  which  is 
retained  in  the  company  files.  In  his  will  (proved  23 
December,  1834)  he  directs  that  "the  plate  i)resented  to  me 
by  the  Insurance  Company  of  North  America,  over  which 
I  presided,  be  divided  equally  between  them  [his  children] 
or  as  nearly  so  in  point  of  value  as  the  pieces  of  which  it  is 
composed  will  admit."  He  resigned  the  presidency,  due  to 
increasing  infirmities,  5  April,  1831,  the  directors  voting 
him  an  annuity  "until  otherwise  oi'dered,"  which  was  only 
terminated  by  his  death  18  December,  1834.  He  is  buried 
in  Christ  Church  burying-ground.  Fifth  and  Arch  streets. 
The  children  named  in  his  will  were  Abraham  H.,  Mrs. 
Samuel  Fisher  Bradford,  Mrs.  Samuel  Brooks  and  Mrs. 
Robert  Taylor.  His  wife  w^as  Sarah  Hewlings,  whom  he 
married  in  1776,  and  who  surviving  him,  died  17  January, 
1842.  She  was  in  receipt  of  a  pension  from  the  govern- 
ment for  her  husband's  services  in  the  Revolution.  A  son 
John,  who  died  before  him,  was  taken  in  partnershi})  by 
Mr.  Bradford,  his  brother-in-law,  forming  the  well-known 
and  eminent  firm  of  Bradford  &  Inskeep,  publishers  and 
booksellers  of  this  city. 


Mr.  John  Correy  Smith  was  boi-n  in  Philadelphia, 
3  October,  1784,  the  son  of  Dr.  William  Smith,  an  eminent 
druggist.  He  early  engaged  in  mercantile  pursuits,  and  for 
many  years  was  actively  and  successfully  engaged  in  the 
China  trade.  He  was  elected  a  director  in  January,  1831, 
and  president  5  April  following.    He  died  suddenly  22  June, 


118  A  HISTORY  OF  THE 

1845.  The  United  States  Gazette  o\\  the  Ibllowing  day 
noticed  his  death  and  said:  "Mr.  Smith  during  his  long  life 
fulfilled  the  duties  whieh  elevate  and  distinguish  the  man 
and  the  merchant,  with  such  propriety,  and  with  such 
efficiency,  that  he  gained  consideration  for  his  worth,  and 
respect  where  respect  w^as  so  difficult  of  attainment  and 
valuahle  in  a  commensurate  degree.  He  was  for  many 
years  one  of  the  iirst  merchants  of  our  city,  and  at  the 
period  of  his  decease,  was  the  president  of  the  ]S'orth 
American  Insurance  Company,  a  post  he  filled  with  much 
ability.'-  His  sons  are  Harrison,  Cooper  and  Charles  Ross 
Smith,  merchants  of  this  city;  and  his  brother,  Samuel  F. 
Smith,  served  two  terms  in  the  Direction  of  the  company 
from  1830  to  183;"i  and  1838  to  1862,  thirty-one  years  in  all, 
dying  23  August,  1862,  aged  eighty-four  years;  he  was 
also  president,  during  the  latter  term,  of  the  Philadelphia 
[N^ational  Bank  from  1842  to  1852. 


8. 

Mr.  Arthur  Gilman^  Coffin  was  born  October,  1799, 
in  Gloucester,  Massachusetts,  the  son  of  Dr.  William  Coffin, 
a  prominent  physician  of  that  place  and  a  descendant  of 
Tristam  Coffin,  one  of  the  eight  original  purchasers  and 
pioneer  settlers  of  Nantucket.  After  full  prejjaratory 
training  at  the  celebrated  Phillip's  Academy  in  Exeter, 
1^.  II.,  he  entered  Harvard  College  but  did  not  complete 
his  studies  there,  owing  to  his  father's  death,  and  came  to 
Philadelphia  about  1821.    Here  he  soon  found  employment, 


\yclvi, cJuvvH 


Fifth  President,  1831-1845. 


INSURANCE  COMPANY  OF  NORTH  AMERICA.       119 

entering  the  shipping  house  of  Messrs.  Havens  &  Smith, 
where  he  won  the  confidence  and  esteem  of  all,  and  when  a 
vacancy  occuri-ed  in  the  secretaryship  of  the  Insurance 
Company  of  !N^orth  America  he  was  induced  to  make 
application  for  it,  which  was  strongly  endoi'sed.  His 
letter  of  application,  yet  preserved  in  the  company's 
files,  is  indicative  of  the  directness  and  simplicity  of 
the   man. 

He  was  elected  secretary  19  June,  1832,  against  strong 
competitors,  and  fulfilled  the  duties  of  his  office  with  such 
faithfulness  and  skill  during  almost  the  entire  administra- 
tion of  President  Smith,  that  on  the  death  of  that  gentle- 
man he  was  unanimously  elected  president  1  Juh',  1845. 
His  administration  proved  an  eventful  one,  and  marked  the 
growth  of  the  compau}^  up  to  the  requirements  of  modern 
usages  in  both  marine  and  fire  underwriting;  his  good 
judgment  and  kindly  tact  eft'ected  a  gradual  change  in  the 
management  of  the  responsibilities  of  the  business  which 
he  found  largely  assumed  by  the  directors  through  their 
weekly  committees,  which  system  gradually  failed  of  active 
operations  not  only  from  the  growing  w^eight  of  the  busi- 
ness, but  as  well  also  from  the  entii'e  confidence  the  board 
grew  to  place  in  his  equitable  and  conservative  administra- 
tion. A  perusal  of  the  minutes  during  this  pei'iod  show 
the  gradual  reference  of  important  matters  to  the  jjresident 
"with  power"  for  his  final  action;  and  this  position  was 
attained  by  the  influence  of  his  great  modesty  and  deference, 
for  he  continued  to  refer  to  the  board  matters  of  detail  even 
after  the  practice  had  grown  up  of  leaving  all  to  his  decision. 
He  was  a  just   man  and   an   intelligent  underwriter;   his 


120  A  HISTORY  OF  THE 

professioiuil  opinions  always  liad  great  weight,  and  his 
practical  wisdom  gave  him  an  inflnence  among  all  classes 
of  men  with  whom  he  associated  allotted  to  but  few.  When 
he  assumed  the  presidency,  the  year  closed  with  a  capital 
of  1300,000,  and  total  assets  of  $426,507.84:.  The  year  of 
his  resignation  found  the  capital  of  the  company  $2,000,000, 
and  the  assets,  $6,461,729.70.  For  some  years  his  health 
had  been  failing,  and  while  deprived  of  steady  participation 
in  the  conduct  of  the  affairs  of  the  company,  he  never  with- 
held hearty  endorsement  to  all  the  growing  activities  of  the 
company,  and  its  growth  in  wealth  and  position  afforded 
him  keen  gratification.  He  desired  to  withdi-aw  from  the 
presidency,  and  the  board  declined  to  listen  to  his  apj^eal; 
until  finally  he  pressed  the  matter,  and  his  i-esignation  was 
finally  accepted  on  14  January,  1878.  But  in  thus  parting 
fiom  him  as  president,  he  still  remained  a  director,  and  the 
board  continued  to  him  his  remaining  years,  a  practical 
acknowledgment  of  their  debt  to  his  wise  and  faithful 
administration.  He  lived  but  a  few  years  after;  ph^^sically 
weak,  and  becoming  more  infirm,  but  busying  himself  in 
kindly  thought  with  all  the  interests  he  had  been  connected 
with  in  his  a(;tive  life.  Added  to  his  office  duties,  he  was 
foi-  a  thii'd  of  a  centui-y  vestryman  of  St.  Andi-ew^'s  Church, 
and  some  time  warden;  fbi-  man}'  ^ears  a  member  of  the 
Board  of  Education,  and  by  the  election  of  Councils,  a 
director  of  Girard  College.  He  w^as  a  member  of  the  first 
board  of  managers  of  the  Merchants'  Fund  Association, 
and  for  a  quarter  of  a  century  a  member  and  the  chairman 
of  its  executive  committee;  and  during  the  same  period  he 
was  a  manager  of  the  Union  Benevolent  Association,  and 


^^K 


^//^  yr€^: 


Sixth  ruKsiDKNT,  1S45-1S7S. 


INSURANCE  COMPANY  OF  NORTH  AMERICA.      121 

also  of  the  House  of  Refuge;  for  over  forty  years  he  was 
manager  and  president  of  tlie  Magdalen  Society;  he  was 
manager  for  more  than  a  third  of  a  centuiy  of  the  Pennsyl- 
vania Bible  Society ;  and  for  many  3'ears  a  manager  of  the 
Pennsylvania  Seaman's  Friend  Society.  His  death,  29 
July,  1881,  was  felt  far  and  wide,  and  both  in  corporate  and 
private  circles  all  recognized  the  loss  as  that  of  a  christian 
friend  and  a  safe  counsellor. 

9. 

Mr.  Charles  Platt  was  boi'n  in  the  city  of  Philadel- 
phia, the  son  of  William  and  Maria  (Taylor)  Platt,  on  10 
February,  1829.  After  pursuing  an  academic  course,  he 
entered  the  University  of  Pennsylvania  where  he  graduated 
with  honor  in  1846.  The  connections  o.f  his  father's  house 
with  the  China  trade  opened  to  him  an  early  opportunity 
of  entering  into  business.  The  year  after  his  graduation 
he  was  sent  to  China  in  one  of  his  father's  ships,  the  Tartar, 
where  he  was  trained  in  mercantile  duties  in  the  house  of 
Ritchie  &  Co.  at  Canton.  After  passing  thi-ee  years  here, 
he  left  for  the  United  States,  journeying  in  Calcutta  and  the 
Red  Sea,  and  making  the  tour  of  Europe,  reaching  home  in 
the  autumn  of  18.')0.  In  the  following  Januaiy  he  was 
admitted  a  jmi'tner  in  the  house  of  William  Platt  &  Sons. 
The  large  extensions  of  this  eminent  fii'in  in  the  China  and 
California  trade  and  in  the  ownership  of  clipper  ships,  came 
to  an  end  in  the  year  1854.  For  some  years,  as  the  junior 
partner,  his  time  was  given  to  settling  up  the  affairs  of  the 
firm,  and  on  3  January,  1860,  he  was  elected  secretary  of 


122  A  HISTORY  OF  THE 

tlu'  Insurance  Company  of  Xorth  America,  and  on  13 
January,  18G9,  its  vice-president,  and  finally  on  Mr.  Coffin's 
resignation,  Avas  elected  president  14  Januar}',  1878. 

Mr.  Piatt  on  liis  entrance  upon  the  company's  work  in 
I860,  soon  won  the  esteem  and  respect  of  the  board  com- 
posed of  men  his  seniors  in  years,  and  in  the  trying  years 
in  the  country's  history  which  followed,  was  skilful  and  firm 
in  the  deyelopment  of  the  company's  business  in  all  its 
branches,  in  which  he  had  the  hearty  support  and  confidence 
of  his  venerated  predecessor.  His  administration  has 
covered  the  most  active  and  groAving  period  in  the  com- 
pany's histor} ,  and  the  measures  thereunder  pursued  have 
brought  the  company  to  the  foremost  rank  of  American 
institutions;  in  its  fire  l)ranch  to  a  national  rejxitation,  and 
in  its  marine  branch  to  cosmopolitan  renown.  Of  the 
directors  serving  on  his  election  in  1860,  only  Messrs. 
Harrison  and  Cope  survive. 


APPENDIX. 


I.  List  of  Officers,  with  their  Terms  of  Service, 

II.  List  of  Directors,  with  their  Terms  of  Service, 

III.  Location  of  Offices,  .... 

IV.  List  of  Original  Stockholders. 
V.  Charter  and  Supplements, 

VI.  Marine  Business  by  Decades,    . 

VII.  Fire  Business  by  Decades, 

VIII.  List  op  Early  Philadelphia  Underwriters, 

IX.  A  Philadelphia  Marine  Policy  of  1749, 


Page 

125 
127 
136 
137 
147 
163 
164 
165 
167 


(123) 


AOTOGKAI'H   OF  .lOHX    M.  XESBITT,  FlK.sT    l'R>SIl>EXT.   1792— 179«>. 


<^7r^  C-C^^t'-O'l^fT} 


AUTOBRAPH  OF  .rO>KPH   BALL,  TllIRP   I'KKSIDKNT,  179S— 1799. 


List  of  Officers,  with  their  Terms  of  Service. 


PRESIDE]S"TS. 

I.     John  M.  Nesbitt,       ...  11  December,  1792-13  Januar}',  1796. 
II.     Charles  Pettit, 13  January,  1790-9  January,  1798. 

III.  Joseph  Ball 9  January,  1798-8  July,  1799. 

Charles  Pettit, 8  July,  1799-3  September,  1806. 

IV.  John  Inskeep, 1  October,  1806-5  April,  1831. 

V.     John  C.  Smith, 5  April,  1831-22  June,  1«45. 

VI.     Arthur  G.  Coffin 1  July,  1845-14  January,  1878. 

VII.     Charles   Platt, 14  January,  1878. 


VICE-PRESIDETsTTS. 

I.     Charles  Platt, 13  January,  1869-14  January,  1878. 

II.     T.  Charlton  Henry, 2  November,  1880. 


AOTIl^G  VICE-PRESI  DETsTT. 

William  S.  Davis, 4  June,  1878-5  October,  1880. 

(125) 


126  A  HISTORY  OF  THE 

seco:n"d  yioe-presidekts. 

I.     William  S.  Davis, 3  March,  1874-5  October,  1880. 

II.     William  A.   Platt, 12  January,  1881. 


TREASURER 

Thomas  H.  Montgomery. 

Elected  23  November,  1880;   declined,  having  accepted  vice-presidency  of  the  American  Fire 
Insurance  Con.Dan.v. 


SECRETARIES. 

I.     Ebenezer  Hazard,    ...  11  December,  1792-13  January,  1800. 
II.     Roberts.  Stephens,    .    .    .    .  28  February,  1806-12  June,  1832. 

Bookkeeper,  27  February,  1798.    First  clerk,  21  .January,  1800,  to  countereign  checks. 
Resigns,  5  April,  1805,  his  clerkship. 

III.     Arthur  G.  Coffin, 19  June,  1832-1  July,  1845. 

lY.     Henry  D.  Sherrerd, 1  July,  1845-1  June,  1858. 

Secretary  Atlantic  Insurance  Company,  17  .July,  1837. 
President  Insurance  Company  of  the  State  of  Pennsylvania,  28  May,  1858. 

V.     Matthias  Maris, 2  November,  1858-3  April,  1860. 

VI.     Charles  Platt, 3  April,  1860-26  January,  1869. 

Matthias  Maris, 26  January,  1869-12  January,  1881. 

VII.     Greville  E.  Fryer, 12  January,  1881. 


ASSISTAI^T   SECRETARIES. 

I.     Alexander  M.  Walker,  ...  1  July,  1845-20  February,  1847. 

Clerk,  30  October,  1838. 

II.     Matthias  Maris,  ....  23  February,  1847-2  November,  1858. 
First  Assistant— 3  April,  1860-26  January,  1869. 

Clerk,  4  January,  1847. 

III.  F.   P.   Hollingshead,    .    .  29  November,  1859-9  February,  1864. 

IV.  Charles  H.  Reeves,     ...  10  August,  1869-14  January,  1874. 
V.     Greville  E.  Fryer,    ...  14  January,  1874-12  January,  1881. 

VI.     Eugene  L.  Ellison, 16  January,  1884. 


INSURANCE  COMPANY  OF  NORTH  AMERICA.       127 


List  op^  Dikectoks,  wlth  their  Tekms  of  Service. 


DIREOTOHS. 


106.  Adams,  Robert,    .     .  .  1807,  1808. 

140.  Allibone,  S.Austin,  .  ISiMBST. 

119.  Archer,  Samuel,  .     .  .  1816-1828. 

55.  Ash,  James,       .          .  .  1800-1804. 

86.  Ashley,  John,       .     .  .  1803. 

142.  AspiNWALL,   George  W.,  1851-1853. 

110.  AsTLEY,  Thomas,  .     .  .  1809-1839. 


Died  1839,  aged  67. 
Died  24  Jan.,  1830. 

Died  1854,  aged  40. 


58.  Baker,  John  H.,  . 

2.  Ball,  Joseph,    .     . 

15.  Barclay,  John, 

45.  Bayard,  Andrew, 

42.  Bell,  Thomas, 
121.  Bevan,  Matthew  L., 
23.  Blight,  Peter, 

1.  Blodget,  Samuel, 

31.  Breck,  Samuel,     . 
97.  BoGGS,  James,  .     . 


.  1801. 

.  1792-1803. 

.  1792,  1793. 

.  1798-1805. 

.  1797-1800. 

.  1822-1841. 

.  1794-1800. 

.  1792-1799. 

.  1795-1797. 

.  1805-1808. 


Died    2    September, 
1825,  aged  73. 

Third   president,     9    January, 
1798  to  »  July,  1799. 


(Died    1    June,   1832, 
\     aged  71. 


Died  1812. 

(Died  11  April,  1814, 
I     aged  59. 

Died  7  May,  1809. 


128 


A  HISTORY  OF  THE 


141.  BowEN,  William  E..  . 

157-  Brockie,  William. 

130.  Brooks,  Samuel,  .     . 
93.  Brown,  Israel,      .     . 

123.  Brown,  John  A..    .     , 

16'.).  Brown,  John  A.,  . 
103.  Brown,  John  H.,  . 
171.  Buckley,  Edward  S. 

116.  C ARROW,  John  G., 

131.  Chaloner,  Williaini. 

73.  Clapier,  Lewis,    . 

149.  Clarke, Edward  S.. 
175.   Coates,  Edward  IL.  . 

138.   Coffin,  Arthur  G.,  . 

59.  Comegys,  Cornelius, 

36.    CONYNGHAM,  DaVID  1 

147    Cope,  Francis  II, 
126.  Cope,  Thomas  P., 

60.  CoTTiNEAU,  Dennis, 
49.   Cox,  Paul,  .     .     . 

51.  CoxE,  Daniel  Wm., 

17.  Craig,  John,     .     . 
12.  Cramond,  William, 
41.  Crawford,  James, 


I848-I86G. 

1M70- 

1835-1853. 

1803. 

1828-1872, 

1881- 

1807-1816. 

1882- 

1811-1813. 
1836-1838. 

1802,  1803. 

1862- 
1885- 

1846-1881. 

1801-1804. 
1796-1800. 
1855- 

1829-1854. 

1801. 
1799. 

1800-1805. 

1793-1799. 

1792.    1795-1800. 

1797-1800. 


(Died  17  April,  1866, 
(     aged  68. 


Died  1853,  aged  75. 


(Died    31    December, 
(      1872,  aged  84. 


(Died    1  April,   1858, 
\     aged  71. 

(Died    4    May,    1837, 
I     aged  73. 


[Died  29  July,  1881, 
I      aged  90. 

I  Third  secretary,  19  June,  1832. 
I  Sixth  president,  I  July,  1845  to 
L     H  January,  1S78. 


Died  5  March,  1831. 

Born  6  June,  1821. 

(Died    22  November, 
{      1854,  aged  85. 


(Died   4    June,   1852, 
I      aged  88. 

Died  May,  1807. 

Died  25  October,  1843. 


INSURANCE  COMPANY  OF  NORTH  AMERICA.      129 

150.   CUMMINGS,  WiLLIAxM,      .     1863-1861. 
170.  Cunningham, Graham  S.,   1881. 
155.  CusHMAN,  Charles  W.,      1869-1880. 


85.  Dale,  Richard,     . 
161.  Damon,  Albert  F., 
143.  Dickson,  James  N., 

87.  DoNATH,  Joseph,  . 

43.  Donnaldson,  John, 
95.  Downing,  Jacob,   . 

115.  Dunn,  Thomas, 

34.  Emery,  Samuel,    . 

62.  Emslie,  Alexander, 
90.  English,  Thomas, 
61.  Evans,  Cadwalader 

163.  Field,  Samuel,     . 

44.  Fisher,  James  C, 
19.  Fitzsimons,  Thomas, 
22.  FoRDE,  Standish,  , 

127.  Foster,  William,  . 

37.  Francis,  Thomas  W. 
25.  Fry,  John,  Jr., 

63.  Gardiner,  John,  Jr. 
39.  GouRDON,  Ferdinand 

156.  Griscom,  Clement  A 

56.  Haqa,  Godfrey,    . 
124.  Harper,  Charles  A, 

9 


1803. 

Died  24  Feb.,  1826. 

1874- 

1851-1866. 

1803-1819. 

1798,  1799. 

Died  29  Dec,  1831. 

1804. 

1810-1813. 

1795-1797. 

1801. 

Died  1862,  aged  91. 

1803-1808. 

1801. 

Died  1841,  aged  79. 

1874-1880,  1882- 

1798.  1800. 

1794.  Died  August,  1811. 

1794-1797. 

1829-1840. 


1796-1807. 
1794-1796. 

1801.  1803. 
1797. 

1870- 

1800-1825. 
1826-1835. 


jDied   2   June,   1815, 
(     aged  48. 


(Died  7  February, 
\     1825,  aged  78. 


130 


A  HISTORY  OF  THE 


92. 

Harrison,  George,    . 

1803. 

140. 

Harrison,  George  L., 

.    1854- 

- 

109. 

Harvey,  Isaac,  Jr.,  . 

.     1808- 

-1810. 

89. 

Harwood,  Robert,     . 

.    1803- 

-1811. 

50. 

Hawkins,  Henry,  .     . 

.     1800- 

-1803. 

48. 

Henry,  Alexander,  . 

.    1799- 

-1847. 

151. 

Henry,  T.  Charlton, 

.     1864- 

- 

74. 

HoDGBON,  Samuel,    . 

.     1802- 

-1813. 

26. 

Hollingsworth,  Jehu, 

1794. 

139. 

HosKiNS,  Francis, 

.    1846- 

-1857. 

174. 

Houston,  Henry  H.,  . 

1884- 

75. 

Humphreys,  Abel,   .     . 

1802. 

r.4. 

Imbert,  Felix,      .     . 

.    1801. 

47. 

Ingraham,  Francis,  . 

.     1799, 

1800. 

76. 

Inskeep,  John,  .     .     . 

1802- 

-1834. 

176. 

Jenks,  John  H.,    .     . 

1885- 

152. 

Jessup,  Alfred  D.,     . 

1866- 

-1873. 

104. 

Jones,  Samuel  W.,    . 

1807- 

-1873. 

98. 

Keith,  Samuel,    .    . 

1805, 

1806. 

118. 

Krumbhaar,  Lewis,  . 

1812, 

1813. 

54. 

Large,  Ebenezer,  .     .    . 

1800- 

■1804. 

101. 

Large,  John,    .     .     .     . 

1806- 

1815. 

108. 

Latimer,  Thomas,     .    . 

1808- 

1824. 

13. 

Leamy,  John,    .    .     .    . 

1792- 

1806. 

Died  6  July,  1845. 


Died  1861,  nged  90. 


(Died    16  November, 
\     1815,  aged  62. 

f  Died   13  August, 
(      1847,  aged  82. 


(Died  May,  1819, 
I     aged  91. 


rDied    18    December, 
\      1834,  aged  76. 

I  Fourth   president,   1    October, 
^     lS06to5  April,  1831. 


Born  11  Sept.,  1781. 
Died    7     November, 
1873,  aged  92. 


Died  4  April,  1852. 


Died  November,  1810. 


INSURANCE  COMPANY  OF  NORTH  AMERICA.      131 


111.  Leedom,  Richard, 

113.  Leibert,  John,      .     . 
173.  Lewis,  Robert  M,,    . 

29.  McCall,  Archibald, 

6.  McConnell,  Matthew, 
65.  McCrea,  James,    ,     . 
166.  McKean,  Thomas, 

114.  McKissiCK,  John,  .     . 

20.  McMurtrie,  William, 


154.  Madeira,  Louis  C, 

in.  Markoe,  Francis, 

145.  Mason,  John,    .     . 

77.  Meeker,  Samuel, 

96.  MiEFLiN,  Samuel,  . 

66.  Mifflin,  Thomas, 
83.  Miller,  John,  Jr., 

3.  Miller,  Magnus,  . 

67.  MiLLIGAN,  JaMKS,  . 

9.  Moore,  Thomas  L., 

7.  Moylan,  Jasper,  . 


1809-1813. 
1809-1813. 

1882- 

1794-1807. 

1792. 
1801. 
1877- 
1810-1813. 

1794,  1795. 

1867-1880. 
1812,  1813. 

1854-1874. 

1802,  1803. 

1804-1809. 

1801,  1802. 

1803. 

1792-1799. 

1801. 

1792-1799. 

1792. 


(Died  13  April,  1843, 
\     aged  75. 


jDied    1    April,  1807, 
\     aged  69. 


f  Died    1    September, 
I     1874,  aged  72. 


Died  April,  1820. 


Died  September,  1813. 

( Died    1 1    February, 
\      1812,  aged  53. 


68.  Nairac,  Peter, 
135.  Neff,  John  R., 

5.  Nesbitt,  John  M., 
168.  Newbold,  John  S., 


.  1801. 

.  1841-1863. 

.  1792-1795. 

.  1881- 


(Died  24  JuU',  1863, 
(     aged  74. 

I  Died  22  January, 
1802,  aged  74. 

First  president,   11  December, 
1792  to  13  January,  1796. 


132 


A  HISTORY  OF  THE 


30.  NiCKLiN,  Philip,    .     .     .    1704-1800. 
69.  North,  Joseph,      .     .     .    1801,1802. 

4(5.  Oldden,  James,     .     .     .    1798-1800. 


Died  Nov.,  1806. 


107.  Palmer,  John,  .    . 
84.  Parker,  Jeremiah, 
78.  Pearce,  Mathew, 

120.  Perry,  Charles,   . 

102.  Pettit,  Andrew,  . 

8.  Pettit,  Charles,  . 

158.  Platt,  Charles,    . 

70.  Poyntell,  William, 
4.  Prager,  Michael, 

35.  Pratt,  Henry,  .     . 

162.  Price,  Thomas  C, 

16.  Ralston,  Robert, 
112.  Ramsay,  William, 

57.  Read,  James,    .     . 

40.  Read,  William,    . 

91.  Rhoads,  Samuel,  . 
165.  Rogers,  Charles  II 

10.  Ross,  John,  .     .     . 

38.  RuNDLE,  Richard, 

32.  Sansom,  William, 
53.  Simpson,  John, 


1808,  1809. 
1803. 

1802,  1803. 
1817-1822. 
1806-1837. 

1792-1806. 

1872- 

1801.  1805-1811. 
1792,  1793. 

1795. 

1874-1881. 


1793- 
1809- 
1800- 
1797- 
1803- 
1877- 
1792- 
1796. 


1799. 
■1813. 
-1822. 
■1800. 
-1807. 
•1884. 
-1796. 


Died  6  March,  1837. 

r  Died    3    September, 
I      1806,  aged  69. 

^  Second  president,  13  January, 
1796  to  3  September,  1806. 
(Omit  9  Januarj',  1798  to  8  July, 
^     1799.) 

f  Sixth  president,  3  April,  1860. 
I  Vice-president  and  secretary,  13 
\     Jan.,  1869. 

I  Vice-president,  12  Jan.,  1870. 
tSeventlx  president,  14  Jan.,  1878. 

Died  10  Sept.,  1811. 
Died  1793. 

( Died  6  February, 

t      1838,  aged  76. 


Died  11  August,  1836. 


Died  31  Dec,  1884. 
Died  26  May,  1826. 


1795-1797. 
1800. 


INSURANCE  COMPANY  OF  NORTH  AMERICA.       133 


105. 

Smith,  Edward,    .     . 

.     180t-1857. 

129. 

Smith,  John  C,    .     . 

.     1831-1845. 

24. 

Smith,  Robert,      .     . 

.    1794-1800. 

128. 

Smith,  Samuel  F.,     . 

51830-1835. 
•     (1838-1862. 

T9. 

Sperry,  Jacob,  .    .     . 

.    1802,  1803. 

33. 

Sterett,  Samuel,  .     . 

.     1795-1798. 

11. 

Stewart,  Walter,    . 

.     1792-1790. 

52. 

Stille,  John,    .     .     . 

f  1800,1803,1804 
•     (1806-1840. 

80. 

Stokes,  William,  .     . 

.    1802. 

14. 

SwANWiCK,  John,  .     . 

.     1792-1794. 

81. 

Tagert,  Joseph,    .     . 

.     1802-1813. 

132. 

Taylor,  Charles, 

.    1836-1873. 

88. 

Taylor,  James,     .     . 

.     1803-1808. 

184. 

Thomas,  Jacob  M.,    . 

.     1840-1853. 

28. 

Tingey,  Thomas,   .     . 

.    1794. 

148. 

Trotter,  Edward  II., 

.     1858-1872. 

160. 

Trotter,  William  H., 

.     1873- 

21. 

Yaughan,  John,    .     . 

.     1794-1798. 

100. 

Waln,  Jacob  S.,   .     . 

.    1805-1824. 

144. 

Waln,  S.  Morris, 

.    1852-1870. 

82. 

Waln,  William,  .     . 

.     1802. 

n. 

Warder,  John,      .     . 

.     1801. 

(Died    7    June,  1859, 
\     aged  76. 

(Died  22  June,  1845. 

]  Fifth  president,  5  April,  1831  to 
(^     22  June,  1845. 


(Died  23  August, 
\     1862,  aged  84. 


Died  February,  1803. 


j  Died  14  January, 
\      1874,  aged  75. 


(Died  October,  1853, 
\     aged  53. 


(Died  3  May,  1872, 
(  aged  58. 


Died  30  Dec,  1841. 


Died  4  April,  1850. 

j  Died    21    December, 
1     1870,  aged  63. 

[Died  February,  1826, 
(     aged  50. 


134 


A  HISTORY  OF  THE 


122. 

Weir,  Silas  E,,     .     . 

.    1823- 

-1828 

1G7. 

"Welsh,  John  Lowbeii. 

1879- 

- 

137. 

Welsh,  William,  .     . 

1842- 

-1878. 

18. 

West,  Francis,     .     . 

1793- 

-1799 

94. 

Wharton,  Robert,    . 

1804, 

1805 

164. 

Wheeler,  Charles,  . 

1874- 

-1883 

133. 

White,  Ambrose.  .     . 

1839- 

-1873. 

124. 

White,  John,    .     .     .     , 

1825- 

-1848. 

153. 

White,  John  P.,    .     .     . 

1867, 

1868 

1T2. 

Whitney,  George, 

1882- 

-1885. 

T2. 

WiKOFF,  Jacob  C,     . 

1801- 

-1831. 

2T. 

Wilcocks,  John,  .     .     . 

1794. 

99. 

Willing,  Richard,    . 

1805, 

1806 

159. 

WiNSOR,  Henry.    .     . 

1873- 

- 

136. 

Wood,  Richard  1>  ,    .     . 

1841- 

-1869. 

(Died  11  February, 
(     1878,  aged  70. 

Died  29  June,  1843. 


Died  July,  1883. 

(Died    29    December, 
(     1873,  aged  93. 

(Died  14  February, 
"^      1848,  aged  66.' 


Died  6  March,  1885. 
Died  23  May,  1834. 


(Died  18  June,  1858, 
(     aged  84. 


(Died   6  April,  1869, 
(     aged  70. 


^Number  of  Directors  Elected  Axxually 


Fifteen— 1792,  1793.   1814-1845. 

T  wenty-five— 1 7  94-1 8 1 3. 

Nineteen— 1852,  1853,  1877-1880. 

Eighteen- 1851,  1854-1857,  1866.  1867,  1869,  1870,  1872-1874.    . 

Seventeen— 1862-1865,  1868,  1871,  1875,  1876. 

Sixteen— 1846-1850.  1858-1861. 

Twenty— 1881- 


INSURANCE  COMPANY  OF  NORTH  AMERICA.       135 


Teems   of   Directoks'  Service   over  Twexty  Years 

TO  1885. 


Samuel  W.  Jones, , <'7  yt' 

Edward  Smith, 51 

Alexander  Henry, ^ 49 

John  A.  Brown, 48 

Thomas  Astley, 40 

John  Stille, 38 

Charles  Taylor, ■ 38 

William  Welsh, ' 37 

Arthur  G.  Coffin, 36 

Ambrose  White, 35 

John  Inskeep, 33 

Andrew  Pettit, 32 

Jacob  C.  Wikoff, 32 

George  L.  Harrison, ....  32 

Samuel  F,  Smith, 31 

Francis  R.  Cope, 31 

Richard  D.  Wood, 29 

Thomas  P.  Cope, 2G 

Edward  S.  Clarke, 24 

John  White, 24 

John  R.  Neff, 23 

James  Read, 23 

John  Mason, 21 

Matthew  L.  Bevan, 20 

Jacob  S.  Wain, 20 

T.  Charlton  Henry, 22 


136  A  HISTORY  OF  THE 


3. 

Location  of  Offices. 


Organized  in  Independence  Hall,  November,  1792. 

Officers  chosen,  "City  Tavern,"  11  December,  1792. 

I.     119  South  Front  street  (now  213),  14  December,  1792-February, 
1794. 

II.     Southeast  corner  of  Walnut  and  Front  streets,  February,  1794- 
December,  1797. 

III.  Southwest  corner  of  Walnut  and  Front  streets,  December,  1797- 

April,  1804. 

IV.  98  South  Second  street  (now  204),  April,  1804-January,  1810. 
V.     40  Walnut  street  (now  136),  January,  1810-25  August,  1834, 

VI.     Walnut  above  Dock  (now  21 G),  25  i^ugust,  1834-11  December,  1851. 

VII.     60  Walnut  street  (now  232),  11  December,  1851. 

56  and  58  Walnut  street  (now  228  and  230).     The  New  Building 
embracing  these  three  numbers  was  occupied  6  December,  1881, 


INSURANCE  COMPANY  OF  NORTH  AMERICA.      137 


List  of  Original  Stockholders  of  the  Insuraxce 
Company  of  North  America. 


A  damson,  Seth 
Addison,  Mathew 
Ames,  Dndley 
Ames,  John 
Ames,  Nathaniel 
Anderson,  Alexander 
Andrews,  Abraham 
Andrews,  Joseph 
Appleton,  Nathaniel,  Jr. 
Appleton,  Nathaniel  Walker 
Ash,  James 
Ashton,  George 
Atkinson,  John 
Atwood,  James 
Austie,  Thomas 

Ball,  Joseph 
Ballantine,  Thomas 
Ballard,  John 
Balstead,  J. 
Barclay,  John 
Barnes,  John 
Barnes,  Philip 
Barnes,  William 
Barnet,  Joseph 


Bartleson,  Abner 
Barton,  William 
Barry,  James 
Beal,  William 
Beaman,  Ephraim 
Beates,  Frederick 
Beckford,  William 
Bell,  Thomas 
Bentley,  Zach. 
Biddiford,  Preston 
Biddle,  William  M. 
Blanford,  Charles 
Blanford,  William 
Blodget,  Samuel,  Sen. 
Blodget,  Samuel,  Jr. 
Borland,  Jolui 
Bourn,  Shearjashub 
Brackstone,  Chandler 
Bradford,  James 
Bradley,  Charles 
Brakstone,  James 
Bridges,  Lawrence 
Bringhurst,  George 
Broome,    Hendrecksou   and 
Sumarl 


138 


A  HISTORY  OF  THE 


Broome,  Jacob 
Brown,  Philip 
Bruce,  Jonas 
Branson,  Carter 
Brunswick,  Christoplier 
Buckle.y,  Thomas 
Burgess,  William 
Burrows,  "William  W. 
Burton,  William 
Butler,  Hannah 
Byrnes.  Joseph 

Cabot,  Humphrey 
Caldwell,  John  E. 
Camberwell,  Thomas 
Cambridge,  William 
Campbell,  David 
Campbell,  James 
Campbell,  William 
Cane,  Patrick 
Cannada,  Joseph 
Carey,  Joseph 
Carnes,  Adam 
Carne}-,  Peter 
Carroll,  David 
Carter,  Francis 
Carter,  George 
Carter,  Henry 
Carter,  J 
Carter,  James 
Carter,  John 
Carter,  Zebulon 
Center,  Charles 
Chalmers,  Samuel 
Chaloner,  John 


Chester,  John 
Clark,  John 
Clarkson.  George 
Clarkson,  Rebecca 
Clarkson,  William 
Clesse}-,  Mj'les  F. 
Coaster,  Francis 
Coddner,  William 
Codner,  Joseph 
Cod  wise,  Charles 
Coggeswell,  Abraham 
Colden,  Christopher 
Cclhoune,  Archibald 
Collin,  Joseph 
Collins,  James 
Collins,  John 
Collins,  Nathaniel 
Collins.  William 
Colman.  James 
Colson,  John 
Comegys,  Cornelius 
Comm3'ns,  James 
Commyns.  William 
Conner,  Lewis 
Conyngham,  David  H. 
Conjngham,  Xesbitt  «fc  Co. 
Cooledge,  Joseph 
Cope,  Joseph  L. 
Cordace,  William 
Correy,  Mary 
Corre\-,  Robert 
Corry,  Israel 
Colrain,  James 
Cotton,  James 
Cowderrv.  William 


INSURANCE  COMPANY  OF  NORTH  AMERICA.      139 


Coyle,  John 
Cox,  Paul 
Craig,  John 
Craigie,  Robert 
Cramond,  William 
Cranmore,  Richard 
Cranestown,  Andrtw 
Crawford,  James 
Crawford,  Peter 
Creighton,  J. 
Cummings,  Charles 
Curwen,  Joseph 

Dale,  Richard 
Dallas,  Alexander  James 
Dalling,  Joseph 
Dalton,  George 
Darner,  Paul 
Dana,  Stephen 
Danna,  Richard 
Davidson,  Jonathan 
Davidson,  Joseph 
Davidson,  Peter 
Davidson,  Philemon 
Davidson,  William 
Davis,  Abner 
Davis,  Charles 
Davis,  J. 
Davis,  Leonard 
Davis,  William 
Davison,  Samuel 
Dawson,  Nicholas 
Dean,  Michael 
Dearing,  William 
De  Hart,  Lewis 


Delaforest,  Antoinc  R.  C.  M. 
Deunling,  Frances  Ch. 
Dickenson,  Philemon 
Doughty,  John 
Douglas,  Joseph 
Duar,  John 
Dunbar,  James 
Duncan,  Isaac 
Duncan,  Matthew 
Dunlap,  Samuel 
Dunn,  Arthur 
Dunning,  Joseph 
Dunovan,  John 
Durnell,  Thomas 
Dwelling,  Joseph 
Dwight,  Peter 

Eddy,  Peter 
Ely,  John 
Erskine,  Jonathan 

Farmer,  Thomas 
Farrington,  William 
Field,  Joseph 
Fish,  George 
Fisk,  R. 

Fitzjames,  James 
Fitzpatrick,  Donell 
Fleischer,  Baltics 
Flint,  Jeremiali 
Forman,  Ezekiel 
Forsythe,  David 
Fox,  Edward 
Francis,  Tench 
Franks,  David  S. 


140 


A  HISTORY  OF  THE 


Frazer,  Nicholas 
Frazer,  William 
Frazier,  Xalbro  &  John 
Freemen,  Jonathan 
Freemen,  Zebulon 
Frobisher,  William 
Fry,  John,  Jr. 
Furber.  Thomas 

Garrets,  Peter 
Gerrets,  T. 
Ge3-er,  George 
Gilford,  Charles 
Gill,  Joseph  Hewes 
Gilman,  Peter 
Glentworth,  James 
Glentworth,  Peter 
Glover,  Moses 
Goodale,  Richard 
Goodnow,  Peter 
Gould,  Henr}' 
Granger,  Jacob 
Granger,  Joseph 
Green,  Ashbel 
Gregory,  John 

Hale.  Thomas 
Hall,  J. 
Hall,  John 
Hall,  John  K. 
Hall,  J.  L. 
Hall,  Phillips 
Hall,  Thomas 
Hamilton,  George 
Hamilton,  Joseph 


Hammatt,  Benjamin 
Harnis,  James 
Harrison,  George 
Hart,  Ann 
Hart,  Solomon 
Harthung,  Jonathan 
HarveA',  Phillips 
Hastings,  Samuel 
Hatch,  Jabez  T. 
Haven,  Nathan  A. 
Hawthorne,  David 
Hawthorne,  James 
Hawthorne,  John 
HajTies,  Richard 
Hays,  Moses 
Hazard,  Ebenezer 
Hemphill,  William 
Henderson,  John 
Henry,  Alexander 
Higgins,  Francis 
Higginson,  Nathaniel  C 
Hill,  James 
Hilton,  Closes 
Hodgson,  A. 
Hoffman,  Jacob 
Hoit,  Lewis 

Hollingsworth,  Jehu,  &  Co. 
Houston,  John 
Hunt,  John 
Hunt,  Zacheies 
Huntingdon,  Jeremiah 
Huntingdon,  John 
Hurst,  Wenworth 

Ingraham,  Francis 


INSURANCE  COMPANY  OF  NORTH  AMERICA.      141 


Irwin,  George 
Irwin,  John  M. 
Irwin,  Matthew 

Jackson,  David 
Jackson,  J. 
Jacobs,  Moses 
Jacobs,  Samuel 
James,  George 
James,  Isaac 
James,  William 
Jamieson,  John 
Jamieson,  William 
Jenkins,  P. 
Jenkins,  Peter 
Jenkins,  Samuel 
Jenkins,  William  Pitt 
Jenks,  Theodore 
Jennys,  Samuel 
Johnsone,  John 
Joice,  Andrew 
Jones,  Arthur 
Jones,  Charles 
Jones,  David 
Jones,  Isaac 
Jones,  John  11. 
Jones,  Richard 
Jones,  Samuel 
Jones  S.  P. 
Jones,  Sylvester 
Jonstone,  David 

Kames,  William 
Kean,  Peter 
Keble,  John 


Kemble,  Theophilus 
Kendall,  Thomas 
Kendrick,  James 
Kenedy,  Andrew 
Kenedy,  Samuel 
Ketland,  John 
Ketland,  Thomas,  Jr. 
Kidd,  William 
Kintzing,  Abraham,  Jr, 
Kissick,  John  M. 
Knogle,  Abraham 

Langdon,  William 
Larnard,  Tristram 
Laughton,  James 
Laughton,  Richard 
Lauman,  George 
Lawes,  Robert 
Lawrence,  John 
Leamy,  John 
Lee,  William,  Jr. 
Lendall,  Zachariah 
Lewis,  James  Carter 
Lewis,  Samuel 
Liman,  Philemon 
Lisle,  John,  Jr. 
Livingtone,  William  G. 
Loder,  William 
L3Mich,  Dominick 

McAdam,  Charles 
McCall,  Archibald,  Jr. 
McClenachan,  Blair 
McClintock,  James 
McClintock,  Joseph 


H2 


A  HISTORY  OF  THE 


McConnell,  Matthew 
McCrea,  James 
McCree,  John 
McDonnaugh,  Michael 
McHeiirv,  John 
McHeniv,  James 
McHcniv,  Walter 
Mclntyre,  Andrew 
McKenzie,  Colin 
McLanc,  William 
McMullin,  Samuol 
McNeil,  Daniel 
McNeil,  William 
McQueen,  Thomas 
McRea,  James 
McWilliams,  John 
Mackey,  Gershom 
Macomb,  John 
Macon,  Peter 
Macpherson,  William 
Madison,  Charles 
Malborne,  James 
Mann,  Abraham 
Mansfield,  George 
Mansfield,  William 
Marsden,  Moses 
Marsden,  AVilliam 
Marston,  David 
Martin,  J. 
Martin,  James 
Mason,  Andrew 
Mason,  James 
Mason,  Joseph 
Mason,  Noah 
Mason,  Paul 


Mather,  James 
Mather,  Timothy 
Matlock,  Joseph 
Matthews,  John 
Maxwell,  Leonard 
Maj'nard,  James 
Maynard  Robert 
Maynard,  William 
Meade,  Robert 
Means,  John 
Means,  Peter 
Means,  Richard 
Mecklin,  Christopher  C. 
Mecklin,  Philip 
Mecklin,  Thomas 
Mecklinburg,  Gerard 
Medfield,  Simon 
Meeker,  Cochran  «.t  Co. 
Melcker,  John 
Melchior,  Nehemiah 
Melcher,  Jacob 
Melmooth,  Philip 
Mendez,  Benjamin 
Mendez,  George 
Mendez,  Jonah 
Merline,  John 
^Ierr3'man,  William 
Meservor,  Paul 
Meverick,  Samuel 
Meyer,  Conrad 
Miers,  Henr}- 
Miers,  Moses 
Miers,  Richard 
Miers,  Samuel  F. 
Miers,  Samuel  J. 


INSURANCE  COMPANY  OF  NORTH  AMERICA.       143 


Miller,  Magnus 
Miller,  Moses 
Miller  &  Murray 
Miller,  William 
Milligan,  Catharine 
Milligan,  James 
Milligan,  Margaret 
Milligan,  Lewis 
Milligan,  Samuel 
Mills,  Sarah 
Minor,  Richard 
Moore,  Patrick 
Moore,  Thomas  L. 
Moreland,  Francis 
Morrill,  J. 
Morrill,  Peter 
Morris,  William 
Morton,  Tliomas 
Moses,  Solomon 
Mo3'lan,  Jasper 
Mulenbergen,  Peter 
Mulock,  Edward 
Mumford,  James 
Murray  Alexander 

Nelson,  Samuel 
Nesbitt,  John  Maxwell 
Nilson,  James 
Nixon,  John 
Nunez,  Benjamin 
Nunez,  Jacob 

O'Donnell,  Patrick 
Oldden  k,  Comegys 
Oldden,  James 


Oliver,  Peter 
Otis,  Samuel  A. 

Pain,  James 
Pain,  George 
Pay  son,  George 
Payton,  Richard 
Peirsol,  Jeremiah 
Pendleton,  Samuel 
Penrudoch,  George 
Perkins,  Samuel 
Perrin,  William 
Perrj',  Samuel 
Pettit,  Charles 
Phelps,  David 
Phelps,  Ebenezer 
Phelps,  James 
Phelps,  Samuel 
Phillips,  Alexander 
Phlemer,  Samuel 
Pike,  William 
Potter,  Richard 
Prager,  Mark,  Jr. 
Prager,  Michael 
Pragers  &  Co. 
Pratt,  Henry 
Preston,  Joseph 
Preston,  Philip 
Preston,  William 
Prime,  William 
Porter,  Andrew 
Porter,  Charles 
Porter,  James 
Porter,  Richard 
Porter,  Thomas 


144 


A  HISTORY  OF  THE 


Pulsforcl,  Alexander 

Ralph,  Micah 
Ralston,  Robert 
Ramsay,  John 
Read,  James 
Read,  "William 
Redwood,  Cliarles 
Redwood,  John 
Reid,  James 
Reinhart,  Jacob 
Rhea,  Ebenezer 
Richards,  George 
Richards,  William,  Jr. 
Ritchie,  Alexander 
Rivington.  J. 
Rivington.  Xathaniel 
Roe,  David 
Rogers,  Sarah 
Rogers,  William 
Rogers,  William  (J. 
Ross,  John 
Ross,  Joseph 
Ross,  R.  H. 
Rnssellcr,  Sarah 
Rutgers,  John 

Sayers,  James 
Shaw,  Thomas 
Shoemaker,  James 
Simpson,  George 
Simpson,  Sampson 
Smith,  Adam 
Smith,  John 
Smith,  Richard 


Smith,  William,  South  Carolina 

Smith,  William,  3d 

Smith,  William  Moore 

Smith,  Y. 

Smithson,  Thomas 

Smock,  Robert 

Small,  Reuben 

Snowden,  Isaac,  Jr. 

Soams,  Samuel 

Springer,  Samuel 

Sproat,  John 

Stanley,  Edward 

Stamitz,  P.  K. 

Stedley,  Mar}' 

Steel,  Edward 

Steele,  Leonard 

Steinmetz,  John 

Stewart,  Archibald 

Stewart,  James 

Stewart,  Walter 

Stickney,  Thomas 

Stimpson,  Charles 

Stimpson,  Frederick 

Stokes,  Joseph 

Stoodley,  Jomes 

Storey,  John,  Ji-. 

Stoughton,  Johu 

Stuart,  James,  Jr. 

Stuart,  Rebecca  R. 

Summers,  J. 

Swanwick,  John 

Sykes,  Peter 

Taylor,  John 
Taylor,  John  M. 


INSURANCE  COMPANY  OF  NORTH  AMERICA.      145 


Taylor,  Paul 
Templeman,  John 
Thompson,  Joseph 
Thorp,  Charles 
Thorp,  William 
Tisdale,  Lemuel 
Todd,  Eliphalet 
Todd,  John 
Tracey,  Richard 
Treat,  Robert 
Turnbull,  Charles 
Turnbull,  Walter 

Yan  Dorp,  Gerard 
Vane,  William 
Vanhorn,  William 
Van  Wyck,  Abraham 
Van  Zandt,  Guilian 

Waite,  John 
Wallingford,  Thomas 
Walters,  Timothy 
Watson,  John 
Weed,  Elijah 
Weed,  George 
Weed,  Mercer 
Weed,  William 
Welch,  Francis 
Welch,  Jacob 
Welch,  John 
Welladvise,  Moses 
Wells,  James 
Wells,  Peter 
Welsh,  Henry 
Wendell,  Thomas 


Wentworth,  Thomas 
West,  Francis  and  John 
West,  Zebulon 
Wharton,  Kearney 
Wharton,  Lloyd 
Wheatly,  Philip 
Wheatly,  Thomas 
Wheaton,  Gerard 
Whitaker,  James 
Whitaker,  Samuel 
White,  Abraham 
White,  Caleb 
White,  David 
White,  Henry 
White,  John 
White,  Jonathan 
White,  Xathaniel 
White,  Philemon 
White,  Philip 
White,  Samuel 
Whiteford,  Sampson 
Wilkins,  James 
Wilks,  Charles 
Williams,  Absolam 
Williams,  George 
Williams,  James 
Williams,  Lawrence 
Williamson,  James 
Williamson,  Jethro 
Williamson,  Nathaniel 
Willington,  James 
Willington,  Thomas 
Willis,  James 
Willis,  Joseph 
Willis,  Samuel 


146 


A  HISTORY  OF  THE 


Wills,  Isaac 
Wills,  Richard 
Wills,  Thomas 
Wilmot,  Simon 
Wilmot,  Christopher 
Wilson,  Charles 
Wilson,  Francis 
Wilson,  George 
Wilson,  James 
Wilson,  John 
Wilson,  T. 
Wilson,  Thomas 
Wilson,  W. 
Wilson,  William 
Woods,  Joseph 


Woods,  Michael 
Wordle}',  James 
Worthington,  Charles 
Woolf,  Lewis 
Wricrht,  Charles 
Wright,  Christopher 
Wright,  J. 
Wright,  Stephen 
Wrighton,  Charles 

Young,  Charles 
Young,  Joseph 

Zanting,  Adam  W. 


INSURANCE  COMPANY  OF  NORTH  AMERICA.      147 


Charter  aistd  Supplemetstts. 


A'N  ACT 

TO   INCORPORATE  THE  SUBSCRIBERS 

TO   TIIK 

IisrsuRAisrcE  Company  of  JN^orth  America. 


Whereas  it  is  conceived  that  if  a  cori^oration,  with  a  compe- 
tent capital,  and  under  proper  regulations,  were  established,  for 
the  purpose  of  effecting  insurances  and  transacting  business 
connected  thcrewitli,  advantages  Avould  result  therefrom  to  the 
community  in  general,  and  to  the  mercantile  interest  in  particular, 
by  retaining  in  the  State,  as  well  the  capital  necessary  for  such  a 
purpose,  as  also  large  sums  of  money  which  would  otherwise  be 
drawn  from  the  country,  for  premiums  and  commissions  to 
foreign  correspondents,  for  effecting  insurances,  and  also  by 
more  effectually  securing  the  assured  from  the  risques  and 
dangers  incident  to  the  policies  and  assurances  of  private  and 
particular  persons:  And  whereas  a  number  of  the  citizens  of 
this  commonwealth  have  hy  their  petition  to  the  legislature 
prayed  that  they  may  be  incorporated  for  the  purj^oses  aforesaid : 

Section  1.  Be  it  enacted  by  the  Senate  and  House  of  Representa- 
tives of  the  Commonwealth  of  Pennsylvania,  in  General  Assembly 
met,  and  it  is  hereby  enacted  by  the  authority  of  the  same,  That  the  capital  stock  of  the 
capital  stock  of  the  Insurance  Company  of  North  America  shall  o?  North  AmerTr""'' 
amount  to  the  sum  of  six  hundred  thousand  dollars ;   that  the 
same  shall  be  divided  into  sixty  thousand  shares,  of  ten  dollars  Numi>er  and  amount 
each  share,  and  the  persons,  co-partnerships,  or  bodies  politic,  ° 
who  have  thereto  subscribed,  and  have  paid  four  dollars  on  each 
respective  share,  shall  pay  the  residue  of  the  sum  and  sums  of 


148 


A  HISTORY  OF  THE 


money  due  and  payable  for  the  share  or  shares  by  them  respect- 
How  sharps  are  to  be  ively  subscribed,  in  the  manner  following;,  that  is  to  say;  two 
di)llars  on  each  share  shall  be  paid  on  the  second  Monday  of 
July,  in  the  year  one  thousand  seven  hundred  and  ninety-four; 
two  dollars  on  the  second  Monday  of  Janviarv,  and  two  dollai-s 
on  the  second  Monday  of  July,  in  the  year  one  thousand  seven 
Forfeitures  in  case  of  hundred  and  ninety-five.     And  any  pei^son  or  ])ei"sons,  co-r)art- 

default  ill  paying  the  ,  .  i      j-  v.-  i       .•  e      •  j.  ii 

instalments.  ncrships,  or  bodics  poutic,  ncglectuig  or  relusnig  to  pay  all  or 

any  of  the  said  several  sums  of  money,  at  the  time  and  times 
l)rescribed  for  jiayment  thereof,  shall  respectively  forfeit  to  the  use 
of  the  company,  all  the  monies  previously  ])ai(l  on  the  accoimt 
of  the  share  and  shares  respectively,  in  payment  whereof  such 
default  shall  be  made  as  aforesaid,  together  with  all  right,  title, 
interest,  emolument,  profit,  claim  and  demand,  of,  in,  to  and  out 
of  the  funds  of  the  said  company,  and  the  profits  arising  there- 
from, by  reason  of  such  forfeited  share  and  shares :  And  the 
funds  of  the  said  company  shall,  from  time  to  time,  be  vested  in 
securities  for  or  evidences  of  debts  due  by  the  United  States,  or  in 
the  stock  of  the  Bank  of  Pennsylvania,  or  of  the  Bank  of  the 
United  States,  or  of  the  Bank  of  North  America,  or  of  the 
Schuylkill  and  Delaware  Canal  Company,  or  of  the  Schuylkill 
and  Susquehanna  Company,  or  of  the  Lancaster  and  Philadel- 
phia Turnpike  Company,  ov  of  any  other  company  that  now  is 
or  hereafter  may  be  incorporated  by  the  State,  in  such  manner, 
and  in  such  sums,  as  the  President  and  Directors  of  the  said 
Deposits  (if  monies,  company  shall  judge  proper.  Provided  always.  That  all  deposits 
of  Pennsylvania.  for  the  Safe  keeping  of  the  monies  and  securities  of  the  said 
comiiany  shall  V)e  made  respectively,  in  the  Bank  of  Pennsylvania. 


Funds,  how  to  be 
vested. 


Corporate  style. 


And  powers. 


Sect  2.  And  he  it  further  enacted  hij  the  authority  aforesaid,  That 
the  subscribers  to  the  said  company  and  their  successors  and 
assigns  shall  be,  and  they  are  hereby  erected  into  a  corporation, 
or  l)ody  politic  in  law  and  in  fact,  under  the  name,  style  and  title, 
of  "The  President  and  Directors  of  the  Insurance  Company  of 
North  America";  and  by  the  said  name,  style  and  title,  shall 
have  perpetual  succession  and  all  the  powei-s,  ])rivileges  and 
franchises,  incident  to  a  corporation;  and  shall  be  capable  of 
taking,  holding,  and  disposing  of  their  said  capital  stock,  and  the 
increase  and  profit  thereof;  and  shall  have  full  power  and 
authority  to  make,  have  and  use  a  common  seal  \vith  such 
device  and  inscription  as  they  shall  deem  proper,  and  the  same 
to  break,  alter,  and  renew,  at  their  pleasure;  and  by  the  name, 
style  and  title  aforesaid,  shall  be  able  and  capable  in  law  to  sue 
and  be  sued,  plead  and  be  impleaded,  in  any  court  or  courts^ 
before  any  Judge  or  Judges,  Justice  or  Justices,  in  all  manner  of 
suits,  pleas  and  demands  whatsoever;    and   they   are    hereby 


INSURANCE  COMPANY  OF  NORTH  AMERICA.       149 

authorized  and  empowered  to  make  rules,  bye-laws  and  ordinan- 
ces, and  to  do  every  thing  needful  for  the  good  government  and 
support  of  the  allairs  of  the  said  corporation:     Provided  always,  Bye-iawsnot  tobere- 
That  the  said  rules,  bye-laws  and  ordinances,  or  any  of  them,  shall  tion"and  "aws  of"tiie 
not  be  repugnant  to  the  Constitution  and  laws  of  the  United  state!     ^  *^°      ^ 
States,  and  of  this  State. 

Sect.  3.  Andbeit further  enacted  by  the  authority  aforesaid,  Thaivo^-ev  to  hold  real 
the  said  Corporation  shall  have  a  right  and  power  to  purchase, 
take,  and  hold  real  estate,  and  the  same  to  demise,  grant,  sell, 
assign  and  convey,  in  fee  simple,  or  otherwise :    Provided,  That  Limitation  of  the  in- 

,,,  ,.  „,  ,  111111  -1  come  thereof. 

the  clear  yearly  income  or  the  real  estate  to  be  held  by  the  said 
Corporation,  shall  not,  at  any  time  exceed  ten  thousand  dollars. 

Sect.  4.  And  be  it  farther  enacted  by  the  authority  aforesaid.  That 
for  the  well  ordering  the  affairs  of  the  said  Corporation,  there 
shall  be  twenty-five  Directors  (l)eing  Stockholders  in  the  said  com-  of  the  election  of  Di- 
pany)  chosen  by  ballot  on  the  second  Tuesday  of  January,  in'^^*'  '^' 
each  and  every  year,  by  a  plurality  of  the  votes  of  the  Stock- 
holders present  in  person,  or  by  proxy;    and  the  Directors  so 
chosen  shall  serve  for  one  year  next  ensuing  the  elections  re- Their  time  of  service, 
spectively,  and  until  others  shall  be  chosen,  and  no  longer;  and 
at  their  first  meeting  after  each  election  shall  choose  one  of  their  of  tiie  president, 
number  as   President:    Provided  always  nevertheless,  That  John 
Maxwell  Nesbitt,  shall  be  the  present  President,  and  Joseph  Ball,  present  Directors. 
John  Craig,  John  Leamy,  John  Swanwick,  Walter  Stewart,  Samuel 
Blodget,  the  younger,  Magnus  Miller,  Thomas  Fitzsimons,  William 
M'Murtrie,  John  Vaughan,  Charles   Pettit,  John  Ross,  Robert 
Ralston,  Francis   West,  Standish   Ford,  Peter   Blight,  Thomas 
Lloyd  Moore,  Robert  Smith,  John  Fry,  the  younger,  Jehu  Hol- 
lingsworth,  John  Wilcox,  Thomas  Tingey,  Archibald  M'Call,  and 
Philip  Nicklin,  shall  be  the  present  Directors,  and  shall  continue 
in  office  until  the  second  Tuesday  in  January  next;   Provided 
aho.  That  in  case  it  shall  at  any  time  happen  that  an  election  ofEiectionnotmadeon 
Directors  shall  not  be  made  upon  any  day,  when,  pursuant  to  dissolution  of  tiie'cor- 
this  act,  it  ought  to  have  been  made  the  said  corporation  shall 
not  for  that  cause  be  deemed  to  be  dissolved,  but  it  shall  be 
lawful  on  any  other  day,  within  ten  days  thereafter,  to  hold  and 
make  an  election  of  Directors,  in  such  manner  as  shall  have 
been  regulated  by  the  bye-laws  and  ordinances  of  the  said  Cor- 
poration ;   and  that  in  case  of  the  death,  resignation,  or  absence  of  vacancies  in  the 
from  the  State,  of  a  Director,  or  in  case  any  Director  shall  be 
chosen  a  Director  of  any  other  Insurance  Company,  and  shall 
act  as  such,  the  place  of  such  Director  shall  be  filled  up  by  a  new 
choice  for  the  remainder  of  the  year,  in  manner  aforesaid,  at 
such  time  and  place  as  shall  be  appointed  by  the  Board  of 


150 


A  HISTORY  OF  THE 


Directoi-s,  twenty  days  notice  of  such  election  having  been  given 
in  two  of  the  public  newspapers  of  the  City  of  Philadelphia. 


Sect.  5.  And  he  it  farther  enacted  by  the  authority  aforesaid,  That 
Of  the  ready  money  the  Said  Company  shall  be  obliged  by  force  and  virtue  of  this  act, 
stock  of  t  le     rpora-  ^^^^^^  ^j^^^^  ^^  time,  to  causc  such  a  Stock  of  ready  money  to  be 
provided  and  reserved,  as  shall  be  sufficient  to  answer  all  just 
demands  upon  their  policies  of  insurance,  for  any  losses  which 
Of  payment  of  losses,  shall  happen,  and  shall  ratify,  i)ay  and  discharge  all  such  de- 
mands, according  to  the  tenor  and  effect  of   such  policies  of 
Stock  and  effects      iusuraucc;   and  in  case  of  refusal  or  neglect  to  pay  such  losses, 
after  thirty  days  notice  thereof,  the  stock  and  effects  of  the  said 
Company  shall  be  liable  to  the  party  injured,  upon  judgment  and 
execution  obtained. 


on  judgment 
and  execution. 


poration. 


Sect.  6.  And  be  it  farther  enacted  by  the  authority  aforesaid,  That 
Of  the  appointment  the  Directors  for  the  time  being  shall  have  poAver  to  appoint 
the  officersof  the  Cor-  such  officcrs,  clcrks  and  servants,  under  them,  as  shall  be  nec- 
essary for  executing  the  business  of  the  said  Corporation,  and  to 
allow  them  such  compensation  for  their  services,  respectively,  as 
shall  be  reasonable ;  and  shall  be  capable  of  exercising  such  other 
powers  and  authorities,  for  the  well  governing  and  ordering  of 
the  affairs  of  the  said  Corporation,  as  shall  be  described,  fixed 
and  determined  V)v  the  laws,  regulations  and  ordinances  of  the 


Fundamental  rules. 


Of    voting   by    the 
stockholders. 


Sect.  7.  And  be  it  further  enacted  by  the  authority  aforesaid,  That 
the  following  rules,  restrictions,  limitations  and  provisions,  shall 
form  and  be  fundamental  articles  of  the  Constitution  of  said 
Corporation,  to  wit: 

First,  The  Stockholders  shall  be  entitled,  on  all  questions 
coming  before  them,  to  one  vote  for  each  share  of  the  stock  by 
them  respectively  held,  to  the  number  of  fifty  shares;  and  for 
every  ten  shares  above  fifty,  one  vote;  but  no  Stockholder,  either 
in  his  own  right,  or  as  pi"Oxy,  shall  have  nujre  than  one  hundred 
votes;  nor  shall  any  Stockholder  vote  at  any  election  for  Di- 
rectors, unless  the  stock  shall  have  stood  in  his  or  her  name  in 
the  books  of  the  Company,  at  least  three  months  preceding  the 
time  of  such  election.  All  Stockholders  may  vote  in  elections, 
or  on  any  question  touching  the  business  of  the  Corporation,  by 
proxy;  jjrovided  the  proxy  l)e  derived  directly  from  such  Stock- 
holders, and  the  vote  be  given  by  a  citizen  of  this  Commonwealth, 


Of  compensation  to     Second,  No  Director  shall  be  entitled  to  any  emolument,  unless 
the   same   shall    have  been   allowed  liy  the  Stockholders,  at  a 


INSURANCE  COMPANY  OF  NORTH  AMERICA.      151 

general  meeting;  but  the  Stockholders  shall  make  such  compen- 
sation to  the  President,  for  his  extraordinary  attendance  on  the  And  President. 
business  of  the  Corporation,  as  shall  appear  to  them  reasonable. 

Third,  The  Directors  shall  divide  themselves  into  committees, 
each   committee   to   consist  of  three   Directors;    and  the  com- 
mittees shall  attend,  in  a  weekly  rotation,  at  the  office  of  the  of  the  weekly  com- 
company,  and,  together  with  the  President,  shall  have  full  power 
and  authority,  in  the  name  and  on  behalf  of  the  Corporation,  to  Their  power  to  insure 

.  ,     .  1  1  1  T  .  and  lend  money,  and 

make  such  insurances  upon  vessels  and  merchandise  at  sea,  oron  whatobjetts; 
going  to  sea,  or  upon  any  goods,  wares  or  merchandise,  or  other 
personal  property,  going  or  gone  by  land  or  water,  or  in  dwelling- 
houses,  ware-houses  or  stores,  or  upon  buildings,  against  the 
risque  arising  from  fire,  or  upon  the  life  or  lives  of  any  person  or 
persons,  and  to  lend  money  upon  bottomry  and  respondentia,  and, 
generally,  to  transact  and  perform  all  the  business  relating  to  the 
objects  aforesaid;   but  the  said  committees  shall  always  act  in  Subject  to  the  reguia- 
conformity  to  such  regulations  as  the  Stockholders  shall  make.  Board  of  Directors, 
and  subject  to  the   orders  and  instructions   of   the   Board   of 
Directors. 

Fourth,  There  shall  be  stated  meetings  of  the  Board  of  Directors,  of  meetings  of  the 
at  least  once  a  fortnight  and  occasional  meetings  at  such  other 
times,  as  the  President  shall  think  proper.     The  President  shall 
preside  at  all  meetings  of  the  Corporation,  but  he  shall  have  no 
vote  (except  in  cases  of  election)  unless  there  is  an  equality  of  in  what  case  the 
votes,  when  he  shall  decide  the  question.    In  case  of  the  sickness   "^^  '  *"  '"*^ 
or  the  necessary  absence  of  the  President,  his  place  may  l)e  How  his  absence  shall 
supplied  by  any  other  Director,  whom  the  Board  of  Directors,   ''^"''P"''*- 
shall  for  that  purjiose  appoint.    Seven  of  the  Directors,  (whereof  or  a  quorum  of  the 
the  President  shall  always  be  one)  shall  form  a  quorum  of  the 
Board  of  Directors;    but  in   the  absence   of  the   President,  a 
majority  of  the  whole  number  of  Directors  shall  be  requisite  to 
form  a  quorum.     And  all  questions  before  the  Board  shall  be 
decided  by  a  plurality  of  votes,  but  no  vote  shall  be  reconsidered  of  the  decision  of  aii 
by  a  smaller  number  of  Directors  than  was  present  when  such  Board""*    ^ 
vote  was  passed. 

Fifth,   A    number   of   Stockholders,   who,   together,  shall    be  of  calling  a  Rcnerai 

'    •    ,  e  j^    ^  ^^  ■       xi  i      i     ^  i     meeting  of  the  Stock- 

proprietors  or  not  less  than  six  thousand  shares,  or  upwards,  holders, 
shall  have  power  at  any  time  to  call  a  general  meeting  of  the 
Stockholders,  for  purposes  relative  to  the  institution,  giving  at 
least  six  weeks  notice  in  two  public  gazettes  of  the  City  of  Phila- 
delphia, and  si^ecifying  in  such  notice  the  object  or  objects  of 
such  meeting. 


152  A  HISTORY  OF  THE 

Sixth,  The  Corporation  shall  not,  directly  or  indirectly,  engage 

in  the  business  of  banking,  nor  deal  nor  trade  in  any  thing  except 

Restrictions   on  the  the  objects  herein   before  specified,  bills  of  exchange,  gold  or 

atioii.  silver  bullion,  or  in  the  sale  of  goods  really  and  truly  pledged  for 

premiums  due  and  not  paid,  or  of  goods,  whicli  shall  be  the 

[)roduce  of  its  lands. 

Of  transfers  of  the  Seventh,  The  stock  of  the  said  Corporation  shall  be  assignable 
and  transferable,  according  to  such  rules  as  shall  be  instituted  in 
that  behalf  l)y  the  laws  and  ordinances  of  (he  same. 

Eighth,  The  Directors  shall,  on  the  second  Monday  of  January, 
and  on  the  second  Monday  of  July,  in  each  and  every  year, 
declare  a  dividend  of  so  much  of  the  profits  of  the  Corporation 
ofdividencifl.  as  to  them  shall  appear  advisable,  and  the  dividend  so  declared 

shall  be  jjaid  to  the  respective  proprietors  in  ten  days  after  the 
same  shall  be  made,  but  the  monies  received  as  premiums  on 
risques,  which  shall  be  undetermined  and  outstanding  at  the  time 
of  making  such  dividend,  shall  not  be  considered  as  a  part  of  the 
profits  of  the  Corporation;  and  in  case  of  any  loss  or  losses 
whereby  the  capital  stock  of  the  Company  shall  be  lessened,  no 
subsequent  dividend  shall  be  made  until  a  sum  equal  to  such 
diminution,  and  arising  from  the  profits  of  the  Corporation,  shall 
have  been  added  to  the  cai»ital. 

Members  of  the  Cor-     Ninth,   Any  member  of  the    Corporation    may  nevertheless 

poration  mav  he   in-  ,  i      i  i  i  i  i 

sured.         "  becomo  assuretl  thereby  on  any  vessel,  goods,  wares,  merchan- 

dise, or  lives,  in  the  same  manner,  and  with  the  same  effect,  as  if 
such  member  had  no  interest  in  the  Corporation. 

Of  the  hooks  to  he      Tenth,  The  Directors  shall  keep  fair  and  regular  entries  in  a 
ei>    y  1     irec  or  .  j^^^j^  ^^  books  (for  that  purpose  to  be  provided)  of  their  proceed- 
ings, and  submit  the  same,  if  required,  to  the  inspection  of  the 
Stockholders  at  eveiy  of  their  stated  meetings. 

Of  a  book  containing     Eleventh,  A  book.  Containing  the  names  of  the  Stockholders, 
stockholders.  shall  be  kept,  and  shall  at  all  reasonable  times  be  open  to  any 

Stockholder  requiring  the  same. 

Penalty,  in  c-ise   of     Sect.  8.  And  he  it  further  enacted  h>/ tJir  (vdli-07'if}/  aforesaid,  Th^t 

trading    contrary    to  .„  .  .'  '  'p    '.       .i 

thisatt.  II  the  said  Corporation,  or  any  person  or  j)ersons  lor  or  to  the  use 

of  the  same,  shall  engage  in  the  business  of  l)anking,  or  deal  or 
trade  in  buying  or  selling  any  goods,  wares,  merchandise  or  com- 
modities whatsoever,  contrary  to  the  provisions  of  this  act,  all 
and  every  person  or  persons,  who  shall  have  given  any  order  or 
direetif)!!  for  so  engaging,  dealing  and  trading,  and  all  and  every 


INSURANCE  COMPANY  OF  NORTH  AMERICA.      153 

person  and.  persons,  who  shall  have  lieen  concerned,  as  parties  or 
agents  therein,  shall  forfeit  and  lose  treble  the  value  of  the 
monies  discounted,  and  of  the  goods,  wares,  merchandise  and 
commodities  traded  or  dealt  in,  one-half  thereof  to  the  use  of  the 
informer,  and  the  other  half  to  the  use  of  the  State,  to  be 
recovered  with  costs  of  suit. 

Sect.  9.  And  he,  it  further  enacted  by  the  authoritij  afore>iaid,  That  Limitation  .  of    the 

.1  •  i      1      11    1  1  .•  •        /-  -1  '   1  '      ,1  1  „cliarterto  the  first  of 

this  act  shall  be  and  continue  in  torce  until  the  first  day  oi  January,  isis. 
January,  which  will  be  in  the  j-ear  of  our  Lord  one  thousand 
eight  hundred  and  fifteen:  Provided  always,  That  for  the  liquida- 
tion and  settlement  of  all  the  past  transactions  and  accounts  of 
the  said  company,  the  corporate  powers  thereof  shall  be  and 
continue  effectual  to  all  intents  and  purposes :  And  provided  also, 
That  nothing  in  this  act  shall  be  taken  or  construed  to  affect  the 
rights  of  any  person,  persons  or  bodies  politic  before  the  passing 
of  this  act. 

GEORGE  LATIMER,  Speaker 

Of  the  House  of  Representatives. 

ANTHONY  MORRLS,  Sjjeaker 

Of  the  Senate. 

Approved,  the  fom-teenth  of  April,  nojf,. 

THOMAS  MIFFLIN,  Governor 
Of  the  Cominoiiweulth  of  Pennsylvania. 


A  SUPPLEMENT 

To  the  Act  entitled   "An   Act  to  Incorijorate  the  Subscriliers  to  tlie   Insurance 
Company  of  North   America." 

Section  1.  Be  it  emu-ted,  by  the  Senate  and  House  of  Representa- 
tives of  the  Commonwealth  of  Pennsylvania,  in  General  Assembly  met, 
and  it  is  hereby  enacted  by  the  author ity  of  the  same,  That  from  and 
after  the  passing  of  this  act,  the  funds  of  the  said  C(jmpany  may 
from  time  to  time  be  vested  in  securities  for,  or  evidence  of  debts  The  tunda  may  be 
due  by  the  United  States,  or  in  the  stock  of  any  Bank  or  other  of  debt  of  uS 
institution,  which  is  or  may  be  incorporated  in  the  State  ofstoc'k^&c.^^'''' 
Pennsylvania,  in  their  own  stock,  or  in  bills  of  exchange,  or  may 


154 


A  HISTORY  OF  THE 


be  loaned  to  the  State  of  Pennsylvania,  or  on  the  security  of 
real  estate  within  the  same. 

Sect.  2.  And  he  it  further  enacted  by  the  authority  aforesaid,  That 
for  the  "well  ordering  the  afiairs  of  the  said  corporation  there 
shall  hereafter  be  fifteen  Directors  (stockholdei-s  in  said  com- 
pany) chosen  by  ballot,  on  the  second  Tuesday  of  January, 
annually,  by  a  plurality  of  votes  of  the  stockholders,  present  or 
by  proxy.  And  the  Directors  so  chosen  shall  serve  for  one  year 
next  ensuing  the  elections,  respectively  and  luitil  others  shall  be 
chosen,  and  no  longer;  and  at  their  first  meeting  after  each 
election  shall  choose  one  of  their  number  President;  and  in 
How  vacancies  to  be  case  of  the  death,  resignation,  or  absence  from  the  State  (six 
months  at  one  time)  of  a  Director,  or  in  case  any  Director  shall 
cease  to  be  a  stockholder,  or  be  chosen  a  Director  of  any  other 
Insurance  Company  and  shall  act  as  such,  the  place  of  such 
Director  may  be  filled  by  a  new  choice  for  the  remainder  of  the 
year,  by  a  majority  of  the  Board  of  Directors. 


Fifteen  Directors  to 
be  chosen. 


Term  of  service. 


Sect.  3.  And  he  it  further  enacted  hythe  authority  aforesaid,  Tliat 

five  Directors,  whereof  the  President  to  be  one,  shall  form   a 

How  many  Directors  quorum  of  the  Bt)ard  of  Directors;   but  in  the  absence  of  the 

President,  a  majority  ot  the  whole  number  of  Directors  shall 

be  requisite  to  form  a  quorum. 


to  form  a  quorum. 


Sect.  4.  And  he  it  further  enacted  hy  the  authority  aforesaid,  That 
No  transfer  to  be        no  Stockholder  indebted  to  the  said  company  shall  be  permitted 

made  or  dividend  ,  ,  ^  ,.  ,.  ,   ■         ^       i  •        '        i-     •  i         i    ^i 

received  by  a  Stock-    to  make  a  transter  oi  his  stock,  or  receive  a  dividend  thereon 

holder  until  his  debts  .,  i       i    i  ,    .       t      i  i  ^-    c      ^  -^       i 

are  paid  or  secured,    until  such  debt  IS  discharged,  or  satistactory  security  be  given 
to  the  Board  of  Directors  for  the  same. 


Charter  extended 
until  18.3.5. 


Sect.  5.  And  be  it  further  enacted  by  the  authority  aforesaid,  That 
the  charter  of  the  said  Insurance  Company  of  North  America, 
as  altered  and  amended  by  this  supplement,  be,  and  the  same  is 
hereby  extended  and  continued  in  full  force,  until  the  first  day 
of  January,  which  will  be  in  the  year  of  our  Lord,  one  thousand 
eight  hundred  and  thirty-five,  with  all  the  powers,  provisions 
and-restrictions,  contained  in  the  said  original  charter ;  excepting 
only,  that  so  much  of  the  act  to  which  this  is  a  supplement,  as  is 
hereby  altered  and  supplied,  and  no  more,  be  and  the  same  is 
hereby  repealed :  Provided  alway:^,  Tliat  after  the  said  first  day  of 
January,  one  thousand  eight  hundretl  and  thirty-five,  the  cor- 
porate powei-s  of  the  said  company  shall  remain  and  continue 
for  the  liquidation  and  settlement  of  their  past  transactions  and 
Proviso  for  annulling  accounts,  and  for  iio  Other  purpose  whatsoever:    And  provided 

thecharter.  ,       „,..,.,     ,,  ,  ,         ,  i        •    •^  ^         \ 

cdso,  Tliat  it  It  shall  a2)i)ear  that  the  charter  and  privileges  hereby 


Proviso  for  liquida- 
tion of  accounts. 


INSURANCE  COMPANY  OF  NORTH  AMERICA.       155 

renewed  and  granted  are  injurious  to  the  citizens  of  this  com- 
monwealth, the  Legislature  shall  have  full  power  to  revoke  and 
cancel  them  at  any  time  they  may  think  jiroper. 

JOHN  TOD,  Speaker 
Of  the  House  of  Representatives. 

P.  C.  LANE,  Speaker 

Of  the  Seriate. 

Approved  the  twenty-eighth   day  of  January,  one  thousand 
eight  hundred  and  thirteen. 

SIMON  SNYDER. 


EXTRACT 

From  An  Act  to  incorporate  the  "  Charabersburg  Insurance  Company,"  Ac. 

Section  1.  Be  it  enacted  by  the  Senate  and  House  of  Rrpresenta- 
tives  of  the  Commonwealth  of  Pennsylvania,  in  General  Assembly  met, 
and  it  is  hereby  enacted  by  aidhority  of  the  same,  That  an  act  entitled 
"An  Act  to  Incorporate  the  subscribers  to  the  Insurance  Cora- charters  extended 
pany  of  North  America,"  passed  the  fourteenth  day  of  April,  firlt"ofjan^a^™835. 
seventeen  hundred  and  ninety-four,  and  the  supplement  thereto, 
entitled  "a  supplement  to  the  act  entitled  an  act  to  incorporate 
the  subscribers  to  the  Insurance  Company  of  North  America," 
passed  the  twenty-eighth  day  of  January,  one  thousand  eight 
hundred  and  thirteen,  be  and  the  same  are  hereby  continued  in 
full  force  and  virtue  for  the  term  of  twenty  years  from  and  after 
the  first  day  of  January,  one  thousand  eight  hundred  and 
thirty-five. 

Sect.  33.  And  be  it  further  enacted  by  the  authority  aforesaid. 
That  the  Legislature  reserve  the  right  to  revoke  or  alter  the 
charters  extended  or  granted  by  this  act  in  any  way  that  may  be 
deemed  conducive  to  the  interests  of  the  State. 

SAM'L  ANDERSON,  Speaker 
Of  the  House  of  Representatives. 

JESSE  R.  BURDEN,  Speaker 

Of  the  Senate. 

Approved  the  third  day  of  April,  A.  D.  one  thousand  eight 
hundred  and  thirty-three. 

GEORGE  WOLF. 


156 


A  HISTORY  OF  THE 


EXTRACT 

From  an  Act  to  incorporate  the  Washington  Insurance  Company  of  Philadelphia, 
and  for  other  purposes. 

Additional  privileges     Sect.  20.  In  addition  to  the  privileges  heretofore  granted  it 
^"^     *  shall  and  may  be  lawful  for  the  Insurance  Company  of  North 

America  to  invest  their  capital  stock  and  other  funds  in  the 
public  stocks  or  loans  of  any  of  the  United  States  or  of  any  city, 
company,  or  institution,  now  or  that  hereafter  may  be  incorpor- 
ated by  the  United  States  or  any  individual  State,  or  in  ground 
rents,  mortgages,  or  other  good  and  sutficient  securities  in  this 
State,  and  the  said  investment  from  time  to  time  to  alter,  change, 
and  renew,  as  the  interests  or  circumstances  of  the  Company 
may  render  expedient. 

LEWIS  DEW  ART,  Speaker 
Of  the  House  of  Representatives. 

CHARLES  B.  PENROSE,  SpmA;«- 

Of  the  Senate. 

Approved  the  tenth  day  of  April,  one  thousand  eight  hundred 
and  thirtv-eight. 

JOSEPH  RITNER. 


A  FURTHER  SUPPLEMENT 


Charter  perpetual. 


Legislature  may 
annul. 


To  the  Act  entitled  "An  Act  to  Incorporate  the  Subscribers  to  the  Insurance 
Company  of  North  America,"  and  the  Supplements  thereto. 

Section*  1.  Re  it  enacted  by  the  Senate  and  House  of  Representa- 
tives of  the  Commonwealth  of  Penn-vjlvania,  in  General  Assembly 
met,  and  it  is  hereby  enacted  by  the  authority  of  the  same:  That  the 
Charter  of  the  President  and  Directors  of  the  "  Insurance  Com- 
pany of  North  America"'  shall  be  perpetual ;  subject,  nevertheless, 
to  the  right  of  the  Legislature  to  alter,  annul,  or  repeal  the  same 
whenever  it  may  be  deemed  conducive  to  the  interests  of  the 
State. 

WM.  HOPKINS,  Speaker 
Of  the  House  of  Representatives. 


CHARLES  B.  PENROSE,  Speaker 

Of  the  Senate. 


Approved  the  eleventh  day  of  October,  eighteen  hundred  and 
thirty-nine. 

DAVID  R.  PORTER. 


INSURANCE  COMPANY  OF  NORTH  AMERICA.      157 


A  FURTHER  SUPPLEMENT 

To  the  Act  entitled  "An  Act  to  Incorporate  the  Subscribers  to  the  Insurance  Com- 
pany of  North  America." 

WHEREAS,  The  President  and  Directors  of  the  Insurance 
Company  of  North  America,  have  made  request  that  they  may 
be  permitted  to  reduce  the  amount  of  their  capital:  Therefore, 

Section  1.  Be  it  enacted  by  the  Senate  and  House  of  Representa- 
tives of  the  Coinmonwealth  of  Pennsylvania,  in  General  Assembly  met, 
and  it  is  hereby  enacted  by  the  authority  of  the  same,  That  it  shall 
be  lawful  for  the  said  Insurance  Company,  whenever  a  majority 
in  number  and  value  of  the  Stockholders  shall  deem  it  exjiedient 
and  express  their  assent  thereto  in  writing,  to  reduce  the  capital  Capital  North  Amen- 
stock  of  the  said  Comi^any  to  the  sum  of  three  hundred  thousand  pany  reduced, 
dollars,  and  the  i>ar  value  of  the  shares  of  the  said  stock  to  five 
dollars  each,  and  if  at  any  time  it  shall  be  ascertained  that  the 
assets  of  the  Company  exceed  the  said  sum  of  three  hundred 
thousand  dollars,  such  excess  shall  be  divided  among  the  Stock- 
holders in  proper  proportion,  according  to  the  number  of  their 
shares,  in  such  manner  and  at  such  times  as  shall  be  deemed  by 
the  Directors  consistent  with  a  j^roper  attention  to  the  judicious 
collecti(jn  and  conversion  of  the  assets,  and  the  prudent  manage- 
ment of  the  business  of  the  Company. 

Sect.  2.  That  such  assent  in  writing  may  be  signed  l)y  the  Assent  of  stock- 
Stockholders  or  their  attornej's  duly  constituted,  and  may  be 
recorded  in  the  office  for  recording  deeds,  in  the  city  and  county 
of  Philadelphia,  and  a  certified  coj^y  or  exemplification  of  such 
record  shall  in  all  cases  be  received  in  evidence,  and  be  as  valid 
and  effectual  as  the  original  instrument. 

Sect.  3.  That  when  such  assent  in  writing  shall  be  given  and 
expressed  as  aforesaid,  the  capital  stock  of  the  Company  and  the 
par  value  of  the  shares,  shall  l)e  thenceforth  reduced  in  the 
manner  and  to  the  sums  mentioned  in  the  first  section  of  this 
act,  and  notice  thereof  shall  be  given  by  advertisements  for  four  public  notice  to  be 
weeks  in  two  at  least  of  the  daily  newspapers  of  the  city  of^^*^" 
Philadelijhia :  Provided  nevertheless.  That  the  whole  of  the  amount 
of  the  capital  stock  of  the  said  Company  existing  at  the  date  of 
the  said  advertisements,  shall  be  liable  for  contracts  of  insurance 
existing  with  said  Company  at  that  time. 

Sect.  4.  That  the  President  of  the  said  Company  shall,  upon  a 
vote  of  the  Board  of  Directors  to  that  effect,  or  on  the  application 
of  a  number  of  Stockholders,  who  together  shall  be  proprietors 


158  A  HISTORY  OF  THE 


Meeting  of  Stock-     of  six    thoui^and  shares,  call  a  general   meeting  of  the  Stock- 
*'^'  lioklers,  giving  at  least  two  weeks'  notice  in  two  of  the  daily 

papei^s  of  the  City  of  Philadelphia,  and  specii^ang  in  such  notice 
the  object  or  objects  of  such  meeting. 

Sect.  o.  That  deposites,  for  the  safe  keeping  of  the  moneys 
and  securities  of  the  said  Comi)any,  may  he  made  in  any  of  the 
incorporated  banks  in  the  city  and  county  of  Philadelphia. 

Sect.  6.  That  so  much  of  any  act  relating  to  the  said  Company 
as  is  hereby  altered  or  supplied,  be,  and  the  same  is  hereby 
rej)ealed. 

Sect.  7.  That  no  pei-son  shall  l)e  allowed  to  vote  by  proxy  at 
any  election  of  said  Corporation,  and  no  stock  which  Is  hypothe- 
cated, shall   entitle  the    holder    thereof   to  vote   at  any  such 

elections. 

JAMES  ROSS  SXOWDEX,  Speaker 

Of  the  House  of  Repnsentcitii'es. 

JOHN  STROHM,  Speaker 
Of  the  Se)iaie. 

Approved  the  sixth  day  of  April,  one  thousand  eight  hundred 

and  fortv-two. 

DAVID  R.  PORTER. 


A  FURTHER  SUPPLEMENT 

To  the  Act   entitled  "An  Act  to  Incorporate  the  Insurance  Company  of  North 

America." 

Section  1.  Be  it  emicfed  by  the  Semite  and  House  of  Representa- 
tives of  the  Commonwealth  of  Pennsylvania,  m  General  Assembly  md , 
and  it  is  hereby  enacted  by  the  authority  of  the  same,  That  the  In- 
surance Company  of  North  America  be,  and  they  are  hereljy 

Directors  Increased  to  authorized  to  increase  the  number  of  Directors  of  the  said  Corn- 
twenty. 

])anv  to  twenty. 

FINDLEY  PATTERSON,  Speaker 

Of  the  House  of  Representatives. 

WILLIAM  P.  AVILCOX,  Speaker 

Of  the  Senate. 

Approved  the  eleventh  day  of  February,  one  thousand  eight 
hundred  and  forty-five. 

FRS.  R.  SHUNK. 


INSURANCE  COMPANY  OF  NORTH  AMERICA.      159 


A  FURTHER  SUPPLEMENT 

To  the  Act  entitled  "An  Act  to  Incorporate  the  Subscribers  to  the  Insurance  Com- 
pany of  North  America." 

Whereas  the  President  and  Directors  of  the  Insurance  Com- 
pany of  North  America,  are  desirous  to  be  permitted  to  increase 
their  capital  stock,  and  restore  the  par  vakxe  of  the  shares  of 
their  stock  to  tlie  original  amount  and  value.     Therefore, 

Section  1.  Beit  enacted  by  the  Senate  and  House  of  Representa- 
tives of  the  Commonwealth  of  Pennsylvania,  in  General  Assembly  met, 
and  it  is  hereby  enacted  by  the  authority  of  the  same.  That  it  shall 
be  lawful  for  the  said  Insurance  Company  of  North  America, 
whenever  a  majority  of  the  Stockholders,  at  any  meeting 
regularly  convened,  shall  deem  it  expedient,  and  express  their 
assent  thereto,  to  increase  the  capital  stock  of  the  said  Company  increase  of  capital 
to  the  sum  of  five  hundred  thousand  dollars,  and  the  par  value  par  value  of  shares'|?o. 
of  the  shares  of  said  stock  to  ten  dollars  each :  Provided,  That 
the  amount  of  the  effective  funds  of  the  said  Company,  shall  be 
equal  to  five  hundred  thousand  dollai-s  beyond  reservations  and 
claims  for  existing  business,  and  be  invested  and  set  apart  as 
their  capital. 

Sect.  2.  That  so  much  of  any  act  relating  to  the  said  Company 
as  is  hereby  affected,  altered,  or  supplied,  be,  and  the  same  is 
hereby  repealed. 

J.  S.  McCALMONT,  Speaker 

Of  the  House  of  Representatives. 

V.  BEST,  Speaker 

Of  the  Senate. 

Approved  the  eighth  day  of  May,  one  thousand  eight  hundred 
and  fifty. 

WM.  F.  JOHNSTON. 


A  FURTHER  SUPPLEMENT 

To  the  Act  entitled  "An  Act  to  Incorporate  the  Subscribers  to  the  Insurance  Com- 
pany of  North  America." 

Section  1.  Be  it  enacted  by  the  Senate  and  House  of  Representa- 
tives of  the  Commonwealth  of  Pennsylvania,  in  General  Assembly  met, 
and  it  is  hereby  enacted  by  the  authority  of  the  same,  That  the  Presi- 
dent and  Directors  of  the  Insurance  Company  of  North  America 
be,  and  they  are  hereby  authorized  and  empowered  to  appoint 


160  A  HISTORY  OF  THE 

agents  or  officers  to  effect  insurances  in  any  of  the  other  States 
of  the  Union,  or  without  its  Umits,  and  that  contracts  of  insur- 
ance etfected  by  such  agents  or  officers,  shall  be  as  valid  and 
binding  as  if  the  same  were  effected  by  the  President  and 
Directors  aforesaid,  in  the  State  of  Pennsylvania,  and  the  said 
Insurance  Company  of  North  America  shall  have  all  the  other 
powers  and  privileges  conferred  on  or  exercised  by  the  Union 
Mutual  and  Delaware  Mutual  Safety  Insurance  Companies,  of 
Philadelphia. 

E.  B.  CHASE,  Speaker 
Of  the  House  of  Representatives. 

M.  McCASLIN,  Speaker 

Of  the  Senate. 

Approved  the  twenty-seventh  day  of  February,  one  thousand 
eight  hundred  and  fifty-four. 

WM.  BIGLER. 


A  FURTHER  SUPPLEMENT 

To  an  Act  entiUed  "An  Act  to  Incorporate  the  Subscribers  to  the  Insurance  Com- 
pany of  North  America." 

Section  1.  Be  it  enacted  by  the  Senate  and  House  of  Representa- 
tives of  the  Commomvealth  of  Pennsylvania,  in  General  Assembly  met, 
and  it  is  hereby  enacted  by  the  authority  of  the  same.  That  it  shall  be 
lawful  for  the  said  Insurance  Company  of  North  America, 
whenever  a  majority  of  the  Stockholders  at  any  meeting 
regularly  convened  shall  deem  it  expedient  and  express  their 
assent  thereto,  to  increase  the  capital  stock  of  the  said  Company 
to  the  sum  of  one  million  dollars;  the  par  value  of  the  shares 
of  the  said  stock  to  twenty  (20)  dollars :  Provided,  That  the  said 
amount  of  one  million  dollars  beyond  reservations  and  claims 
for  existing  business  shall  be  invested  and  set  apart  as  the  capital 
of  the  Company. 

Sect.  2.  Tliat  the  stated  meetings  of  the  Board  of  Directors 
shall  be  held  once  every  month,  and  occasional  meetings  at  such 
other  times  as  the  President  shall  think  proper. 

Sect.  3.  The  officers  of  the  Company,  or  any  of  them,  when 
authorized  by  the  Board  of  Directors,  shall  have  full  power  and 
authority  in  the  name  and  on  behalf  of  the  (Corporation,  to 
make  all  kinds  of  marine  insurance,  all  kinds  of  insurance  by 


INSURANCE  COMPANY  OF  NORTH  AMERICA.       161 

inland  transportation,  all  kinds  of  insurance  against  fire,  in  city, 
town  and  country,  upon  the  life  or  lives  of  any  person  or  persons, 
and  to  lend  money  upon  bottomry  and  respondentia,  and 
generally  to  transact  and  perform  all  the  business  relating  to  the 
objects  aforesaid,  but  the  said  officers  shall  always  act  in  con- 
formity to  such  regulations  as  the  Directors  may  prescribe. 

Sect.  -i.  That  so  much  of  any  Act  relating  to  the  said  Com- 
pany as  is  hereby  affected,  altered  or  supplied,  be  and  the  same 
is  hereby  repealed. 

JAMES  H.  WEBB,  Speaker 

Of  the  House  of  Representatives. 

WILLIAM  H.  WALLACE,  Spedker 

Of  the  Senate. 

Approved  the  fourteenth  day  of  March,  Anno  Domini  one 
thousand  eight  hundred  and  seventy-one. 

JNO.  W.  GEARY. 


EXTRACT 

From  an  Act  entitled  "A  Supploineiit  to  an  Act  entitled  'An  Act  to  Establish  an 
"  Insurance  Department,'  approved  the  fourth  day  of  April,  one  thousand 
"eight  hundred  and  seventy-three,  providing  for  the  incorporation  and  regu- 
"lation  of  Insurance  Companies,  and  relating  to  Insurance  Agents  and  Brokers 
"and  to  Foreign  Insurance  Couipanies." 

Section  27.  Any  existing  fire  or  fire  and  marine  insurance 
company,  and  any  stock  company  formed  under  this  act,  may 
at  any  time  increase  the  amount  of  its  capital  stock,  if  authorized 
so  to  do  by  the  stockholdei's  holding  the  larger  amount  in  value 
of  the  stock,  at  a  meeting  specially  called  for  that  purpose,  of 
which  at  least  sixty  days'  previous  public  notice  shall  have  been 
given.  At  such  meeting  of  the  stockholders  and  at  all  other 
meetings  thereof,  each  stockholder  shall  be  entitled  to  cast  either 
in  person  or  by  proxy,  subject  to  such  regulations,  as  to  voting 
by  proxy,  as  the  by-laws  of  the  company  may  prescribe,  one  vote 
for  each  sliare  of  stock  that  shall  have  stood  in  his  or  her  name 
on  the  b()f)ks  of  the  company  for  at  least  three  inonths  previous 
thereto,  increase  of  capital  stock  as  aforesaid  may  be  made  by 
11 


162  A  HISTORY  OF  THE 

increasing  the  numher  of  the  share?  of  stock  or  by  increasing 
the  par  vakie  of  the  same,  and  such  increased  shares  or  increased 
par  vahie  shall  be  allotted  ^^/-o  rata  to  the  stockholder  of  said 
company  according  to  their  interest,  and  may  be  paid  in  whole 
or  in  part  out  of  the  accumulated  reserve  of  the  company  in  case 
the  condition  of  the  company  warrants  such  allotments,  or  the 
same  may  be  disposed  of  as  is  pro\'ided  in  this  act  for  the  organi- 
zation of  stock  companies.  Xo  portion  of  the  funds  of  a 
company  shall  be  regarded  as  accumulated  reserve  sul)ject  to 
allotment  under  this  section,  except  such  amounts  as  may 
remain  after  charging  the  entire  amount  of  premium  receipts  on 
undetermined  policies  in  addition  to  capital  stock  and  all  other 
lialnlities,  before  any  such  company  as  aforesaid  shall  be  author- 
ized to  increase  its  capital  stock  as  herein  pro\-ided,  it  shall  file 
with  the  Insurance  Commissioner  a  certificate  setting  forth  the 
amount  and  manner  of  such  desired  increase  and  the  proceed- 
ings of  the  stockholders  authorizing  the  same,  and  thereafter 
such  company  shall  be  entitled  to  have  the  increased  amount  of 
capital  fixed  by  said  certificate,  and  the  examination  of  securities 
composing  the  capital  stock  thus  increased  shall  be  made  in  the 
same  manner  as  is  pro\-ided  in  this  act  for  capital  stock  originally 
paid  in.  Wlienever  any  existing  fire  or  fire  and  marine  insurance 
company  shall,  by  a  resolution  of  its  board  of  directors,  accept 
of  the  pro^•isions  of  this  section  of  this  act  as  a  part  of  the 
charter  of  the  said  company,  and  a  duly  certified  copy  of  such 
resolution  shall  have  been  filed  in  the  office  of  the  Insurance 
Commissioner,  the  charter  of  said  company  shall  be  deemed  and 
taken  to  have  been  amended  by  the  addition  thereto  of  this 
section,  which  shall  have  the  same  force  and  effect  as  if  a  part  of 
the  company's  original  charter  or  constituting  a  supplement 
thereto. 

SAMUEL  F.  PATTERSOX,  Speaker 

Of  the  House  of  Representatives. 

JOHN  LATTA.  President 

Of  the  Senate. 

Approved  the  first  day  of  May,  Anno  Domini  one  thousand 
eight  hundred  and  seventy-six. 

J.  F.  HARTRANFT. 

Approved  and  adopted  l\v  the  stockholders  at  a  meeting  held 
the  tenth  day  of  July,  one  thousand  eight  liundred  and  seventy- 
six. 

MATTHIAS  MARIS, 
Secretary. 


INSURANCE  COMPANY  OF  NORTH  AMERICA.      163 

6. 
Maeine  Busijstess  by  Decades. 


Premiums.  Losses. 


1  'DTcSer^Ts^,} ''304,637  48  1,583,830  47 

1  January,  1813     1 33    5^^  (,^^ 

1  December,  1822,)                                       '  ' 

1  January,  1823      | jg    ^gg  ^^  33^  ,3-^   -^ 

1  December,  1832,)  ' 

1  January,  1833,     | 428,584  16  358,332  78 

I  December,  1842,)  ^ 

1  January,  1843      > 2,855,189   98  2,153,079   9G 

31  December,  1852,) 

1  January,  1853,    7 3,102,440  79  2,866,197  28 

31  December,  1862,)                                 '       '  '       ' 

1  January,  1863     \ 6,082,496  86  4,582,561   37 

31  December,  1872,)                                  '       '  '       ' 

1  January,  1873,    ) 16,862,964  89  14,281,263   72 

31  December,  1882,)                                 '       '  '       ' 

$37,170,673  87  $31,890,267   7S 

1883  and  1884, 3,032,960  49  2,012,928  49 


3 


3 


3 


3 


$40,203,634  36    $33,903,196  27 


164 


A  HISTORY  OF  THE 


i. 


Fire  Busixess  by  Decades. 


15  December.  ITSU, 
31  December.  1802. 

1  Januar\ .  iSOo. 
31  December,  1812, 

1  January,  1813, 
31  December,  1822. 

1  January.  1823, 
31  December.  1832. 

1  Januarv,  1833, 
31  December,  1842. 

1  Jauuary.  1843, 
31  December.  1852. 

1  Jauuary.  1853, 
31  December.  1862, 

1  Januarv.  1863. 
31  Decfnii)er,  18T2. 

1  Januarv.  1^73. 
31  December.  1882. 


Premiums. 
$81,253  76 

98,647   95 

69,224  20 

61,639  33 

114,326  34 

554,267  08 

1,138,164  24 

8,687,020  03 


15.516,731   90 

$26,321,274  83 
1883  ami  1884, 4,482,661   29 

$30,803,936   12 


Losses. 

$30, lie,  59 

23.878  30 

1,569  44 

17,973  87 

78,948  27 

382,407  43 

424,448  32 

5,193,242  87 

X, 7(11. 920  24 

§14,854,500  33 

2,768,244  74 

$17,622,745  07 


INSURANCE  COMPANY  OF  NORTH  AMERICA.       165 


8. 


List  of  Early  Philadelphia  Underwriters. 


Names  of  some  of  the  early  Philadelphia  Underwriters  on  Policies 
issued  from  the  offices  of  Joseph  Saunders,  Thomas  Wharton,  Walter 
Shee,  and  Kidd  &  Bradford. 

I  am  indebted  to  Mr.  C.  R.  Hildeburn  for  many  of  these  policies. 
Those  of  Kidd  &  Bradford's  clients  are  derived  from  their  books  as 
enumerated  in  Mr.  Wallace's  Table  of  Gontenta  of  Colonel  Bradford's 
papers  in  possession  of  the  Historical  Society  of  Pennsylvania,  Philadel- 
phia, 1878. 


Aspden,  Mathias 

Bache,  Theophylact  and  Richard 

Baynton,  John 

Baynton  &  Wharton 

Bell,  John 

Benezet,  Philip 

Beveridge,  David 

Bright  &  Bechin 

Bringhurst, 

Bryan,  George 

Caldwell,  Andrew 
Chalmers,  James 
Chevalier,  John  and  Peter 
Child  &  Stiles 
Clark,  Daniel 
Conyngham  &  Nesbitt 
Cox,  Isaac 


Coxe,  William 
Davis,  William 

Emlen,  George,  Jr. 
Emlen,  George  &  Caleb 
Emlen  k  Wai'der 
Evans,  William 

Francis,  Tench 
Francis  &  Relfe 
Franks,  David 

Harrison,  Henrj- 
Harvey,  William 
Hicks,  Augustus,  1749. 
Hodge  &  Bayard 
Howell,  Samuel,  &  Sou 
Hughes,  John 


166 


A  HISTORY  OF  THE 


James  &  Drinker 
Jones,  Aquilla 
Jones,  Charles 
Judah,  Abraham 

Kelly,  William 

Lightfoot,  Thomas  &  William 
Lev}',  Isaac 

McCall,  Archibald,  1749. 
McCall,  Samuel,  1749. 
MeClanachan,  Blair 
McMurtrie,  David 
McMurtrie,  William,  &  Co. 

Mease,  John 
Mease,  Mathew 
Mease  &  Caldwell 
Meredith,  Reese 
Mifflin,  John,  1749. 
Mifflin  &  Massey 
Mifflin,  Samuel 
Moore,  Philip 
Moore,  William 
Morris,  Robert 
Morton,  John 

Nesbitt,  John  M. 


Nixon,  John 

Oldman,  Samuel 

Pemberton  &  Edwards 
Pringle,  John 
Purviance,  Samuel 

Reed  &  Pettit 
Riche,  Thomas 
Robinson  &  Reynolds 
Ross,  John 
Rundle,  Daniel 

Scott  &  McMichael 
Shee,  John 
Smith,  George 
Stedman,  Charles,  &  Co. 
Stocker,  Anthony 
Strettell,  Amos 

Warder,  Jeremiah 
White,  Townsend 
Wilcocks,  John 
Willing,  Morris  &  Co. 
Willing,  Thomas,  and  Company 

Yorke,  Dennis 
Yorke,  Thomas 


John  Alsop  and  James  Jauncey,  of  New  York,  also  underwrote  in 
Kidd  &  Bradford's  office. 

One  of  Joseph  Saunders'  policies  of  1749  follows;  the  written  portion 
is  given  in  small  capitals.  The  endorsement  (also  written)  gives  the 
record  in  Mr.  Saunders'  book,  vide  p.  1 7. 


INSURANCE  COMPANY  OF  NORTH  AMERICA.      167 


9. 
A  Philadelphia  Marine  Policy  of  1749. 


In  the  name  of  GOD,  Jmen,  I  John  Kidd  of  the  City  of  Philadelphia, 
Merchant  have  made  Aflurance,  and  caufe  to  be  allured  (Loll  or  not  Loft)  at 
and  from  the  Port  of  Philadelphia  to  London  upon  all  kind  of  lawful 
Goods,  Cash  or  Merchandize,  laden  or  to  be  laden  upon  the  good  Ship  called 
the  Griffin  of  the  Burthen  of  Tons,  or  thereabouts,  whereof  is  Mafter 

under  GOD,  for  this  prefent  voyage  Joseph  Arthur  or  whofoever  elfe  fhall  go 
for  Mafter  in  the  faid  Ship,  or  by  whatfoever  other  Name  or  Names  the  fame 
Ship,  or  the  Mafter  thereof,  is,  or  shall  be  named  or  called,  beginning  the 
Adventure  upon  the  faid  lawful  Goods  or  Merchandize,  at  and  from  the 
Port  of  Philadelphia  aforefaid  and  fo  lliall  continue  and  endure  until  the 
faid  Goods  and  Merchandizes  fhall  be  fafely  landed  at  London  aforefaid.  And 
it  fhall  and  may  be  lawful  for  the  faid  Ship,  in  her  Voyage,  to  proceed 
and  fail  to,  touch  and  ftay  at  any  Ports  or  Places,  if  thereunto  obliged  by 
ftrefs  of  Weather,  or  other  unavoidable  Accident,  without  Prejudice  to  this 
Infurance.  Touching  the  Adventures  and  Perils,  which  we  the  Affurers 
are  contented  to  bear,  and  do  take  upon  us  in  this  Voyage,  they  are,  of 
the  Seas,  Men  of  War,  Fires,  Enemies,  Pirates,  Rovers,  Thieves,  Jettefons, 
Letters  of  Mart  and  Counter  Mart,  Surprifals,  Taking  at  Sea,  Arrests,  Restraints 
and  Detainments  of  all  Kings,  Princes  or  People  of  zohat  Nation,  Condition  or 
Quality  foever,  Baratry  of  the  Mafter  and  Mariners,  and  all  other  Perils,  Loffes, 
and  Misfortunes,  that  have  or  fhall  come  to  the  Hurt,  Detriment  or  Damage  of 
the  faid  Goods  or  Merchandize  or  to  any  Part  thereof.  And  in  case  of  any 
Loffes  or  Misfortunes,  it  (hall  be  lawful  to  and  for  the  AiTured  Factors, 

Servants  and  Affigns,  to  fue,  labour  and  travel  for,  in  and  about  the  Defence, 
Safeguard  and  Recovery  of  the  faid  Goods  and  Merchandize,  or  any  Part  thereof, 
without  Prejudice  to  this  Infurance;  to  the  Charges  whereof  we  the  Affurers 
will  contribute  each  one,  according  to  the  Rate  and  Quantity  of  his  fum  herein 
afTured.  And  it  is  agreed  by  us  the  Affurers  that  this  Writing  or  Policy  of 
Affurance,  shall  be  of  as  much  Force  and  Effect,  as  the  fureft  Writing  or  Policy 
of  Affurance  heretofore  made  in  Lombard-Street,  or  elsewhere  in  LONDON, 
and  fo  we  the  affurers  are  contented,  and  do  hereby  promife  and  bind  ourfelves 


168  A  HISTORY  OF  THE 

each  one  for  his  own  Part,  our  Heirs,  Executors  and  Goods,  to  the  Allured  their 
Executors,  Adminiilrators  and  Affigns,  for  the  true  Performance  of  the  Premiifes, 
confefling  ourfelves  paid  the  Confideration  due  unto  us  for  this  Affurance,  by  the 
faid  AfTured  or  his  Afligns,  at  four  ^  Cent. 

In  IVttnefs  Whereof,  WE  the  Alfurers  have  fubicribed  our  Names  and  fums 
Aflured  in  Philadelphia,  the  Twenty-fifth  Day  of  April,  one  Thoufand 
Seven  Hundred  and  Forty-MNE. 

Memorandum.  //  is  agreed  by  and  between  the  Affured  and  AJjfurers,  that  in  Cafe 
of  any  Lofs  above  Five  per  Cent.,  there  Jhall  be  no  Abatement.  But  that  in 
Cafe  of  any  Average  Lofs  not  exceeding  Five  Pounds  per  Cent.,  the  Affurers, 
by  Agreement,  are  not  to  pay  or  allow  any  Thing  towards  fuch  Lofs. 

It  is  further  agreed.  That  if  any  Difpute  Jhall  arife,  relating  to  a  Lofs  on  this 
POLICT,  it  Jhall  be  referred  to  two  indifferent  Perfons,  one  to  be  chofen  by  the 
Affured,  the  other  hy  the  Affurer  or  Affurers,  who  Jhall  have  full  Power  to 
adjujl  the  fame ;  but  in  Cafe  they  cannot  agree,  then  fuch  two  Perfons  Jhall 
chufe  a  Third,  and  any  two  of  them  agreeing,  Jhall  be  obligatory  to  both 
Parties. 

It  is  agreed  afso  between  the  Ajjured  and  Affurers,  That  in  Cafe  of  Lofs  the  Money 
Jhall  not  be  paid  until  the  Expiration  of  three  Months  after  Proof  is  made 
of  the  fame. 

£200.  Two  Hundred   Pounds, John   Mifflin. 

£100.  One   Hundred   Pounds, Sam:    M'Call,  Jun'. 

£50.  Fifty  Pounds, Aug'  Hicks. 

£100.  One    Hundred    Pounds    for    Arch'    M'Call — Sa.vi  :    M'Call,  Jun'. 


^ 


H 

S'. 

ut 

.c^ 

^ 

0 
0 

^ 

. 

k 

^ 

'^ 

"T^ 

^ 

■<:: 

^ 

^ 

•r--     -r      ^      ^ 

<1 


a 

^ 

5j 

^ 

, 

-^ 

t-> 

<, 

•^ 

. 

"a 

^ 

0 

^ 

^ 

>• 

^ 

(^    s  ^   5         '^  ^ 


s? 

^^ 

■« 

s? 

f^r^ 

<:n 

^ 

^^' 

^ 

-^ 

t, 

^ 

,^ 

^ 

<> 

^ 

<e 

■^ 

■a 

INSURANCE  COMPANY  OF  NORTH  AMERICA.       169 


INDEX, 


Academy  of  Natural  Sciences,  Mr.  Hazard  member 

of,  106. 
Addoms,  Jonas,  partner  of  Mr.  Hazard,  lOo 
Agency  fire  business,  beginnings  of,  6.5. 
Agents'  remuneration,  67. 
Agreement,  articles  of,  Thomas  Willing  &  Co.,  2:!. 

of  nineteen  underwriters,  1766,  25. 
Algerine  Corsairs,  insurance  against  capture  by,  72. 
Allibone,  S.  Austin,  his  reference  to  the  Hazards,  99. 
a  director  of  the  Company,  127. 
"  America,"  ship,  first  policy  issued  on,  47. 
Arnaud,  Anthony,  master  of  brig  "  Margarita,"  47. 
Arthur,  Abigail,  marries  Mr.  Hazard,  09. 

President,  approves  French  Spoliation  bill, 
58. 
Askew,  J.,  of  London,  secures  insurance  for  Wm. 
Penn,  14. 

Bache,  Richard,  Postmaster  General,  succeeded  by 

Mr.  Hazard,  98. 
Badges,  fire,  of  the  Contribulionship  and  Green 
Tree,  "&. 
fire,  of  the  North  America,  62,  63. 
Baker,  Captain  Thomas,  insures  against  capture  by 

Corsairs.  72. 
Ball,  John,  father  of  Joseph,  114. 

Joseph,  of  first  Board  of  Directors,  12. 

on  committee  to  petition  Legislature,  35. 
to  arrange  claims  against 

France,  54. 
to  consider  Algerine  poli- 
cies, 72. 
to  purchase  lot  and  build- 
ing, 81. 
is  elected  President;  resigns,  82. 
becomes  Director  in  Union  Mutual  In- 
surance Company,  44 
is  elected  President  of  Union  Mutual 

Insurance  Company,  87. 
sketch  of  his  life,  114-116. 
Bank,  of  North  America,  office  of,  87. 

organization  of,  95. 
of  Pennsylvania,  on  site  of  City  Tavern,  35. 
Mr.  Nesbitt,  an  early  direc- 
tor of,  94. 
Union,  of  Boston,  9. 
of  United  States  is  insured  on  money,  47. 

in  Germantown  in  1793,  84. 
Barclay,  John,  of  first  Board  of  Directors,  12. 

on  committee  to  wait  on  House,  36. 
Batsto  Iron  Works,  Joseph  Ball  manager  of,  114. 
Bayard,  Andrew,  son  in-law  of  Col.  Pettit,  113,  114. 
a  Director  of  the  Company,  127. 


Baynton,  John,  an  early  Philadelphia  un<ierviTiter, 

20. 
Belknap,  Dr.  Jeremy,  his  correspondence  with  Mr. 

Hazard,  9U-103. 
Beynroth,  William,  first  fire  jiolicy  issued  to,  62. 
Bible  Society  of  Pennsylvania,  Mr.  Cofiin  tiianager 

of,  121. 
Biddle,  Marks  John,  conferred   with   on    Heading 

agency,  66,  67. 
Biddle,  Nicholas,  tenant  of  the  Company,  88. 
Billings,  Samuel,  rents  Company  his  house  in  Ger- 
mantown, 84. 
Binney,  Horace,  member  of  Hand-in-Hand  Fire 
Company,  30. 
Centennial  address  on  the  Ccmtri- 
butionship,  31. 
Blight,  Peter,  a  Director,  127. 

on  committee  to  view  new  office,  81. 
his  residence,  78. 
Blodget,  Samuel,  Jr.,  promoter  of  Universal  Ton- 
tine, 10. 
of   first   Board   of   Directors   of  insurance 

company,  12. 
on  committee  to  petition  Delaware  Legis- 
lature, 38. 
on  committee  to  consider  fire  insurance,  61. 
on  committee  on  life  insurance  policy,  73. 
presents  draft  of  seal  wliich  is  adopted,  49. 
sketch  of  his  life,  107-109. 
Board    of    Education,     Philadelphia,    Mr.    Coffin 

member  of,  120. 
Boggs,  Robert,  first  agent  at  New  Brunswick,  66. 
Bradford  &Inskeep,  publishers,  117. 

Samuel  F.,  son-in-law  of  J.  Inskeep,  117. 
Col.  William,  his  insurance  office, 21, 22, 26. 
William,  executor  of  Gen.  Reed's  will,  113. 
Breck,  Samuel,  a  Director,  127. 

on  committee  on  life  insurance  policy,  73. 
on  committee  to  view  new  office,  81. 
Breese,  Judge,  Mr.  Hazard  married  at  house  of,  ^. 
Bridge,  Schuylkill  and  Penn.sylvania,  Mr.  Hazard 

member  of,  106. 
Bridgeton,  N.  J.,  first  agency  at,  66. 
British  Captures,  52,  56,  58. 

Brokers,  meeting  of  underwriters  on  their  compen- 
sation, 24. 
claim  commission  of  Company,  49. 
Brooks,  Samuel,  son-in-law  of  J.  Inskeep,  117. 
Brown,  John  A.,  a  Director,  128. 

on  Building  Committee,  1851,  !)0. 
Robert,  fii'st  agent  at  Greensburg,  Pa.,  66. 
Burlington,  N.  J.,  agency  at,  66. 
Bustard,  John,  Jr.,  first  agent  at  Louisville,  Ky.,66. 


170 


A  HISTORY  OF  THE 


Cabot  and  Cliandlor,  architects  of  office  building, 

18S0,  91. 
Caldwell,   James   M.,   first    agent    at   Wheeling, 

W.  Va.,  C6. 
Callender,  William,  socks  insurance,  17. 
Canal  Company,    Delaware  and   Schuylkill,  Mr. 

Hazard  ineniher  of,  106. 
"  Cantico,"  Wm.  I'enn's  dull  sailer,  14. 
Captures  at  sea,  British  and  French,  52. 
Carlisle,  Pa.,  first  agency  at,  66. 
Carlmalt,  Caleb,  clerk  of  the  Contributionship,  33. 
treasurer  of  the  Contributionship, 
87. 
Carpenter's  Wharf,  insurance  offices  on,  17, 19. 
Chamber  of  Commerce  of  New  York,  A.  Van  Dam 

its  first  secretary,  22. 
Chambersburg,  Va..,  first  agency  at,  66. 
Charleston,  S.  C,  proposal  for  agency  at,  64. 
Charter  and  Amendments,  147-162. 
Child  &  Stiles,  early   Philadelphia  underwriters, 

24. 
Chillicothe,  O.,  first  agency  at,  66. 
Christ    Church    burying-ground,     Mr.     Blodget's 

grave,  lOS. 
Cincinnati,  O.,  first  agency  at,  66. 
City  Tavern,  the  new  Board  mett  here,  .35. 

referred  to,  85. 
City  Troop,  Philadelphia,  Mr.  Nesbitt  member  of, 

93. 
Clapier,  Lewis,  a  Director,  128. 

becomes  director  in  Union  Mutual 
Insurance  Company,  44. 
Clarkson,  Matthew,  receives  application  for  Green 
Tree  policies,  32. 
Mayor  of  Philadelphia,  96. 
Clermont,  the  residence  of  Mr.  Conyngham,  78,  102. 
Cline,  John  Valentine,  first  porter,  47. 

messenger    in    the    yellow 
fever,  80,  84,  85. 
Clymer,  (Jeorge,  member  of  the  Hand-in-Hand  Fire 

Company',  30. 
Coates,  Samuel,  son-in-law  of  Joseph  Saunders,  19. 
Coffin,  Arthur  G.,  sketch  of  his  life,  118-121. 
Dr.  William,  father  of,  118. 
Tristram,  ancestor  of,  118. 
Coleman,  William,  secretary  of  African  Insurance 

Company,  88. 
Collet,  Captain  John,  insured  against  capture,  72. 
Contributionsliip,    Philadelphia.      (See    Insurance 

(Companies.) 
Conyngham,  David  II.,  a  Director,  128. 
a  notice  of,  93. 
Hon.  John  N.,95. 

&  Nesbitt,  early  Philadelphia  under- 
writers, 24. 
Nesbitt  &  Co.,  first  policy  issued  to,  47. 
their  office,  77. 
members  of  the  firm,  93. 
Redmond,  founder  of  the  firm,  93. 
Kedmond,  Jr.,  witness  to  Mr.  Nesbitt's 
will,  95. 
Cook,  John,  appointed  clerk,  47. 
Cooke,  John.  j)roperty  adjoins  Mr.  Hazard's,  79, 101. 
Cope,  Francis  R.,  a  Director,  122, 128. 
Thomas  P.,  a  Director,  12S. 

rents  tlie  Company  an  office,  89. 


Copson,  John,  first  insurance  in  Philadelphia,  15. 
Coulthard,  William,  first  clerk  appointed,  47. 

his  illness,  79. 
Cowperthwait,  Joseph,  Presideut  Philadelphia  In- 
surance Company,  90. 
Cox,  James  S.,  President  State  of  Pennsylvania  In- 
surance Company,  86. 
Col.  John,  Assistant  Quartermaster  General  to 
General  Greene,  110. 
owner  of  Batsto  Iron  Works,  114. 
Coxe,  William,  an  early  underwriter,  23. 
Craig,  William,  receives  subscriptions  to  the  Green 

Tree,  32 
Cramond,  William,  of  first  Board  of  Directors,  12. 
on  committee  to  wait  on  Senate, 

36. 
rents  an  office  of  the  Company, 
88. 
Crawford,  Edward,  first  agent  at  Chambersburg, 

Pa.,  66. 
Creigh,  John,  first  agent  at  Carlisle,  Pa.,  66. 
Crookshank ,  Joseph,  son-in-law  of  Joseph  Saunders, 
19. 

D.\LE,  Commodore  Richard,  a  Director,  129. 

becomes  a  director  in 
Union  Mutual  In- 
surance Company, 
44. 
Dallas,  Alexander  James,  on  Tontine  Committee,  11. 
drafts  constitution  fur  the 
Company,  38. 
Dancing  Assembly,    proposals  to    build  with  the 

Company,  78. 
Davis,  William  S.,  Second  Vice-PresidenI,  126. 
De  Beaumez,  Bon  Albert  Briois,  applies  for  life  in- 
surance, 73. 
Delaware  Legislature,  charter  sought  from,  38. 
De  Noailles,  General,  applies  for  life  insurance,  74. 
Depeysler,  Cornelia,  marries  Matthew  Clarkson,  96. 
De  St.  Mery,  Moreau,  his  printing  office  in  Com- 
pany's building,  82. 
Dewhurst,  John,  agcntof  the  Universal  Tontine,  10. 
Directors  of  the  Company,  list  of,  127-134. 

those  serving  over  twenty 
years,  135. 
Dispensary,  Philadelphia,  Mr.  Hazard  member  of, 

106. 
Dividends  of  the  Company,  40,  48,  75. 
Dobson,  Thomas,  publislics  Mr.  Hazard's  "  Collec- 
tions," 103. 
Donnaldson,  John,  insurance  broker,  27. 
Draper  it  Co.,  bank-note  engravers,  89. 
Dudley,  Jeptha,  first  agent  at  Frankfort,  Ky.,  66. 

Ellis,  Cliarlcs,  first  agent  at  Burlington,  N.  J.,  66. 
Ellison,  Eugene  L.,  Assistant  Secretary,  126. 
Ewing,  James,  master  of  shii)  "  America,"  47. 

(2)  first  agent  .-It  Trenton,  N.J. ,66, 68. 
Exchange,  The  Pliiladelpliia,  85,  89. 
Expiration  of  policies  published  in  newspapers,  68. 

Farnham  Heath,  birthplace <rf  Joseph  Saunders,  19. 
Farqiiliar,  Edward  Y.,  owner  of  Farquhar  Build- 
ing, 90,  91. 
Finances  of  the  Company,  75,  76. 


INSURANCE  COMPANY  OF  NORTH  AMERICA.      171 


Finley,  Rev.  Samuel,  President  Trinceton  College, 

97,  99. 
Fire  business  of  the  Company,  Cl-71. 
Fire  engines  in  Philadelphia,  1739-1752,  28. 
Fisher,  Miers,  liis  residence,  78. 

Samuel  R.,  his  residence,  78. 
Samuel  W  ,  President  Philadelphia  Insur- 
ance Company,  86. 
Fltzsimons,  Thomas,  a  Director  in  theCompany,  129. 
on  committee  to  consider  Al- 

gerine  policies,  72. 
becomes  director  in  the  State 

of  Pennsylvania,  44. 
President  of  (lie  Delaware  In- 
surance Company,  86. 
Forde,  Standlsh,  a  Director  in  the  Company,  129. 

on  committee  to  wait  on  Assembly 
members,  41. 
Fox,  Edward,  on  Tontine  Committee,  11. 

a  stockholder  of  Company,  139. 
tirst  secretary  of  the  American  Fire, 
87. 
Frame  buildings,  insurance  upon,  62,  64. 
Francis,  Thomas  W.,  a  Director,  129. 

on    committee   to    view    new 
office,  81. 
Frankfort,  Ky.,  first  agency  at,  66. 
Franklin,  Benjamin,  his  first  book  alludes  to  insur- 
ance, 15. 
member  of  Philadelphia  Con- 

tributionship,  29. 
Postmaster  General,  98. 
William,  Governor,  Chas.  I'ettit,  aide- 
de-camp  to,  109. 
his  lemoval  to  Perth  Amboy, 
110. 
Frazier,  Nalbro,  insurance  broker,  2(>. 
his  residence,  78. 
N.  &  J.,  insurance  brokers,  26. 
French  Spoliations,  claims  thereunder,  52-58. 
Friendly  Sons  of  St.  Patrick,  Mr.  Nesbitt  member 

ol,  93. 
Fritz,  Frederick,  first  agent  at  Reading,  Pa.,  67. 
Fry,  John,  Jr.,  a  Director,  129. 

on  committee  to  wait  on  Secretary  of 
State,  53. 
to  arrange  claims,  54. 
to  consider  fire  insur- 
ance, 61. 
to  consider  life  insur- 
ance policies,  73. 
Frye,  Senator,  introduces  Frencli  Spoliation   bill 

in  Senate,  58. 
Fryer,  Greville  E.,  Assistant  Secretary  and  Secre- 
tary, 126.  ' 

Garrigdes,  William,  fire  surveyor  appointed,  62. 

Garrisim,  John,  purchaser  of  Company's  property, 
89. 

Germantown,  Company  moves  to,  in  yellow  fever 
season,  S3,  84. 

Girard  College,  Mr.  Coffin  director  in,  120. 

Graydon,  Alexander,  son-in-law  of  Col.  Pettit,  114. 

Greene,  General,  Charles  Pettit  Assistant  Quarter- 
master General  to,  110. 

Greensburg,  Pa.,  first  ajjeucy  at,  66. 


Green   Tree    Insurance   Company.      (See  Mutual 

Assurance  Company.) 
Griscom,  Mrs.,  her  scliool  at  Clermont,  78. 
Guardians  of  the  Poor,  Mr.  Hazard  member  of,  106. 

Hand-in-Hand  Fire  Company,  28,  30. 

Insuiance  Company.     (See  Contri- 
butionship,  Philadelphia.) 
Harbert,  Lawrence,  second  fire  policy  issued  to,  62. 
Hardit's  Tavern,  Mutual  Assurance  Company  meets 

there,  87. 
Hairison,  George  L.,  a  Director,  122, 130. 

Henry,    an    early   Philadelphia   under- 
writer, 24. 
Thomas,  seeks  insurance  in  Pliiladelphia, 
19. 
Hartshorne,  William,  son-in-law  of  Joseph  Saun- 
ders, 19. 
Harvard  College,  Mr.  Coffin  at,  118. 
Havens  &  Smith,  Mr.  Cotfin  bookkeeper  to,  118. 
Hay,  Jacob,  first  agent  at  Yorktown,  Pa.,  66. 
Hazard,  Anna,  dies  of  yellow  fever.  102. 

Ebenezer,  friend  of  Mr.  Blodget,  10. 

receives  subscriptio.is  to  Com- 

liany  at  his  house,  12. 
is  chosen  Secretary,  35. 
writes  the  first  policy,  47. 
Col.  Pettit  an  intimate  friend 

of,  112. 
sketch  of  his  life,  96-107. 
Erakine,  son  of  Ebenezer,  107. 
Samuel,  father  of  Ebenezer,  96. 
Samuel,  Jr.,  son  of  Ebenezer,  100, 107. 
Thomas,  ancestor  of  Ebenezer,  96. 
Willis  P.,  grandson  of  Ebenezer,  107. 
Heath,  Cliarles  V.,  fire  insurance  clerk,  85. 
Heath's  Mansion  House,  Mutual  Assurance  Com- 
pany meets  there,  87. 
Henry,  Alexander,  a  Director,  130. 

visits     Hariisburg   on   charter 

amendments,  45. 
addresses  Board  on  extension  of 

business,  (15. 
friend  of  Cul.  Pettit,  113. 
T.  Charlton,  Vice-President  of  Company, 
125. 
descendant  of  Col.  Pettit,  113. 
Hewlings,  Sarali,  marries  John  luskeep,  117. 
Hibernia  Fire  Company,  21,  28. 
Hibernia  Socieiy,  successor  to  the  Friendly  Sons  of 

St.  Patrick,  94. 
Hicks,  Augustus,  an   early    Philadelphia   under- 
writer, 19. 
Historical   Society  of  Massachusetts,  Mr.  Hazard 
member  of,  106. 
New    York,     Mr.     Hazard 

member  of,  106. 
Pennsylvania,     its   file    of 
underwriters'  MSS.,26. 
Hoar,  Senator,  introduces  French  Spoliation  bill 

in  Senate,  57. 
Hobart,  Robeit  E.,  insurance  broker,  27. 
Holker,  John,  applies  for  life  i)olicy,  73. 
Hollinshead,  Forman  P.,  A.ssistant  Secretary,  126. 
Holmes,  E|diraini,  first  agent  at  Briilgcton,  N.  J.,65. 
"  Hopewell,"  not  insured  by  William  Penn,  14. 


172 


A  HISTORY  OF  THE 


Hopkinson,    Francis,  member  of  Hiinii-in-Ha:ul 

Fire  Company,  30. 
House  of  Refuge,  Jlr.  Cotlin  nutnager  of,  120. 
Howard,  Thomas,  first  agent  at  Riclimond,  Ind.,  66. 
Hubbell.  Capt.  Samuel,  insures  against  capture  by 

pirates,  72. 
Hunt,  Jesse,  first  agent  at  Cincinnati,  66. 

In"ckxi)1.vi;i.-m.  Reward  oftered  for  apprehension,  64. 
Independence  Hall,  meeting  of  Tontine  subscribers 
at,  11. 
the  Company  here  organized,  is. 
Ingersoll,  .Tared,  marine  polic.v  submitted  to,  49. 

executor  of  General  Reed's  will,  1 1 :!. 
marries  daughter  of  Col.  Pettit, 
114. 
Inskeep,  Abraham  H.,  son  of  President  Inskeep, 
117. 
John, President, sketch  of  his  life,  116, 117. 
visits  Harrisburgon  charter  amend- 
ments, 44. 
John,  of  Bradford  <t  Inskeep,  117. 

lNSfR.\XCE  CoMP.\MF..'-  : 

African,  organized,  SS. 

American,  Boston,  60. 

American  Fire,  Philadelpliia,  incorporate*!,  87. 

Associated  Cnderwriters',  New  York,  60. 

Atlantic,  oil. 

Chambersburg,  1.5.5. 

Columbian,  New  York,  60. 

Commercial,  New  York,  60. 

Contriliutionship,  origin  of,  17. 

organization,  28. 
first  office,  18,  29. 
second  office,  87. 
Hand-in-Hand     its     popular 

name,  31,33. 
fire  badge  of,  33. 
Delaware,  59,  86,  88. 
Delaware  Mutual,  160. 
Eagle,  New  York,  60. 
Firemen's,  New  York,  60. 
Knickerbocker,  New  York,  60. 
Marine,  50. 

Marine,  New  York,  60. 
Marine  and  Fire,  87. 
Maryland,   conferred   with   on  claims  against 

France.  56. 
Mutual  As-surance  Company,  origin  and  organi- 
zation, 31,  34. 
David  Lewis,  treasurer  of,  20. 
its  office,  87. 
Mutual  Assurance  Company,  New  York,  60. 
New  York,  New  York,  bO. 
Ocean ,  New  York ,  60. 
Pelican,  of  London,  68. 
Philadelphia,  59,  86. 

incorporated  1852,  90. 
Pha'ni.\,  50,  65,  85,  86. 

of  I>ondon,  67,  68. 
of  New  York,  60. 
Royal,  its  Philadelphia  office,  91. 
State  of  Pennsylvania,  origin  of,  43. 

incorporation,  44. 
conferred  with  on  claims 
against  France,  54. 


ISSUR.\NCE  COMP.VME,s: 

State  of  Pennsylvania,  U.  I).  Sherrerd,  Presi- 
dent of,  126. 
references  to,  60,  86. 
Sun  Mutual,  New  York,  60. 
fnion,  incorporation,  44,  115. 

references  to,  60,  65.  87,  160. 
United,  New  York,  60. 
United  States,  59,  87. 
Washington,  156. 
Washington  Mutual,  New  York,  no. 

J.v.MEs     &    Drinker,     early     IMiiladelphia    under- 
writers, 24. 
Jennings,  John,  first  Cleik  of  the  Green  Tree,  32, 

34. 
Jones,  .\quila,  early  Philadelphia  underwriter,  24. 
Samuel  W.,  a  Director,  130, 135. 

on  building  committee,  1851,  90. 
Capt.William,  first  President  American  Fire, 
87. 
Judah,  .A^hraham,  early  Philadelpliia  underwriter, 
lM. 

Ke.\x,  Mrs.  Marj',  rents  Company  an  office  in  yel- 
low fever  season,  83. 
Keim,  George,  has  the  first  Reading  policies,  67. 
Keimer,  S.,  publishes  Mr.  Rawle's  book,  1725,  15. 
Kidd  &  Bradford's  insurance  office,  21,  22,  26. 

John,  his  policy  from  Joseph  Saunders'  office, 
19. 
an  early  Philadelphia  underwi-iter,  2.3. 
Knox,  General,  appoints    Mr.  Hazard  one  of  ap- 
praisers on  West  Point,  100. 

L.VTIMER,  George,  President  of  the   Union   Insur- 
ance Company,  115. 
Leamy,  John,  member  of  the  first  Board,  13. 

on  coininiltee  to  ]>rovide  offices,  36. 
on  committee  to  wait  on  the  .Senate, 

36. 
the  third  policy  issued  to  him,  47. 
President  Marine  and  Fire  Insurance 
Company,  87. 
Lee,  Peter,  first  agent  at  Washington,  Pa..  66. 
Lewis,  David,  President   Phceni.x  Insurance  Com- 
pany, 20,  8(1. 
his  residence,  77. 
Mordecai,  son-in-law  of  Josepli   Saunders, 
l;p. 
his  residence,  78. 
Lexington,  Ky.,  to  extend  fire  business  tliere,  65. 

the  fii-st  .igency  at,  66. 
Levy,  Moses,  sells  his  residence  to  American  Fire 

Insurance  Company,  87. 
Lightfoot,    Thomas    and    William,    early     under- 
writers, 24. 
Life  l)usiness  of  the  Company,  72-74. 
Lines  on  marine  risks,  .52. 
Livingston,  Gov.  William,  Col.  Pettit  aiile-de-carap 

to,  109. 
Logan,  James,  on  William  I'cnn's  insurances,  14. 
of  Stenton,  20. 

his    daughter    marries    Hon.   John 
Smith,  30, 


INSURANCE  COMPANY  OF  NORTH  AMERICA.       173 


London,  the  great  fire  of  1748,  31. 

Coffee  House  tit  I'hiladeliiliia,  21. 
Loss,  first  marine,  48. 
Lottery  tickets  insured,  IS. 
Louisville,  Ky.,  tbe  first  agency  at,  66. 

AlACKlE,  Thomas,  the  Company  rents  its  first  office 

of,  36. 
Magdalen  Society,  Mr.  Coffin  manager  of,  12U. 
"  Margarita,"  brig,  third  policy  issued  on,  47. 
Marine  business  of  the  Company,  47-6(1. 

policy  drafted,  36. 
Maris,  Matthias,  Secretary,  126. 
Masson,  A.,  builder  of  Company's  building,  18.'>1 ,  'JO. 
McCall,  Archibald,  a  director,  131. 

an  early  underwriter,  I'J. 
becomes  director  in  the  State  of 
Pennsylvania,  44. 
Samuel,  Jr.,  an  early  underwriter,  19. 
Thomas,  first  agent  at  Lexington,  Ky.,  66. 
McConnell.  Matthew,  member  of  the  first  Board,  12. 

on  Tontine  Committee,  11. 
McCoy,  John,  first  agent  at  ChiUicothe,  O.,  66. 
McBowell,  John,  first  agent  at  Stcubenville,  O.,  66. 
McKeever,  Capt.  John,  rents  his  building  to  Com- 
pany, 8.5. 
McMurtrie,  AVilliani,  a  Director,  13]. 

on  committee  to  consider  poli- 
cies against  pii-acy,  72. 
Meade,  George,  applies  for  life  insurance,  74. 
Mease,  Dr.  James,  rents  office  from  Company,  82. 
Merchants'  Fund,  Mr.  Coffin  manager  of,  12ii. 
Meredith,  Jonathan,  an  early  underwriter,  19. 
Reese,  his  wharf,  17. 

William,  the  Company  buys  his  properly, 
86. 
Mifflin,  John,  an  early  underwriter,  19,  24. 

owner  of  first  office  of  Company,  36. 
Samuel,  an  early  underwriter,  24. 
Miller,  Magnu-s,  member  of  first  Board,  12. 

on  committee  to  prepare  talde  of 

lates,  36. 
on  committee  to  wait  on  the  Gover- 
nor, 36. 
Montgomery,  Thomas  H.,  elected  treasurer,  126. 
Moore,  Thomas  L.,  member  of  first  I'oard.  12. 

on  committee  to  jirovide  offices. 

456. 
on  committee  to  wait  on  Senate, 
36. 
William,  an  early  underwriter,  21. 
Morris,  Koliert,  an  early  underwriter,  23. 

organizes  Bank  of  North  America, 

95. 
Joseph  Ball  interested  in  liis  finan- 
cial plans,  115. 
Thomas,  son-in-law  of  Joseph  Saunders,  li). 
Morse,  Samuel,  F.  B.,  related  to  Mr.  Hazard,  99. 
Morton,  John, his  residence,  78. 
Moylan,  Jasjier,  member  of  first  Board,  12. 

agent  of  the  Universal  Tontine,  10. 
on  committee  to  petition  Legisla- 
ture, 35. 
on  committee   to  wait    on    Gover- 
nor, 36. 
his  residence,  77. 


Murray,  James,  a  clerk,  ill,  84. 

special  compensation    for  faithful 
services,  85. 
Mutual  Assurance  Company.    iSee  Insurance  Com- 
panies.; 

N.^SHVILLE,  Tenn.,  first  agency  at,  66. 
Neff,  John  R.,  a  director,  131. 

on  building  committee  1851,  9o. 
Nesbitt,  -Alexander,  member  of  City  Troop,  93. 

James,  legatee  under  Mr.  Nesbitt's  will,  95. 

John  M.,  agent  of  the  Universal  Tontine,  10. 

suggests  making  the  Tontine  an 

insurance  company,  11. 
memljer  of  the  first  Board,  12. 
elected  Presiilent,  35. 
on  committee    to   consider  pro- 
posals of  Assembly,  78. 
on  committee  to  purchase  lot  and 

building,  81. 
his  residence,  77. 
sketch  of  his  life,  93-95. 
Neutrality    proclamation    of    Washington,    April, 

1793,  53. 
New  Brunswick,  N.  J.,  first  agency  at,  66. 
New  York  insurance  companies,  60. 
Nixon,  Col.  John,  an  early  underwriter,  24. 
Noel,  Garrett,  jiartner  of  Mr.  Hazard,  97. 

Offices  of  the  Company,  77-91. 

hours  adopted,  51. 
Oldman,  Samuel,  an  early  underwriter,  24. 
Otis,  Samuel  A.,  correspondent  of  Mr.  llasard,  lol. 
Owen,  Robert,  second   clerk   of   the   Contribution- 
ship,  18. 

P.^LMER,    John    B.,   treasurer  Mutual    Assurance 

Company,  87. 
Pancoast,  Mary,  marries  John  Saunders,  19, 
Paschall,  Benjamin,  his  Second  street  building,  86. 
Peale,  Charles,  W.,  jiaints  Col.  IVttit's  portrait,  114. 
Pembcrton,  Rev.  Ebenezer,  married  Mr.  Hazani's 
parents,  96. 
Israel,  his  residence,  17. 
James,  17. 
Penn,  William,  insurances  on  his  ve.s.sels,  14. 
Pennell,  Joseph,  etches  first  office  building,  77. 
I'ennsylvania    Company  lor    Insurance   on    Lives 

organizeil,  74. 
Perpetual  policies  authorized,  70. 
Peters,  Richard,  anecdote  of,  94. 

executor  of  Mr.  Nesbitfs  will,  95. 
Pettit,  Andrew,  a  ilirector,  113, 114,  132. 

Col.  Charles,  member  of  first  Board,  12. 

on  committee  to  prepare  table 

of  premiums,  36. 
on  committee  to  wait  on  Ilmise, 

36. 
on     committee     to      wait     on 

Assembly  members,  41. 
on  committee  to  consider  i)ro- 

l)osals  of  A.s.seml)ly,  78. 
on  committee  to   purchase  lot 

or  building,  81. 
sketch  of  his  life.  109-114. 
John,  father  of  Charles.  109. 
Pierce,  President,  vetoes  French  Spoliation  liill.  57. 


174 


A  HISTORY  OF  THE 


Philips,  John,  receives  subscriptions  to  the  Green 

Tree,  32. 
Phillip's  Academy,  Mr.  Coffin  pupil  at,  118. 
PhiloMjphical  Society,  American,  Mr.  Hazard  cura- 
tor of,  106. 
Platl,  Charles,  sketch  of  his  life,  121, 122. 
William,  &  Sons,  121. 
William  A.,  Second  Vice-President,  126. 
Pleasants,  Israel,  President  United  States  Insurance 

Company,  87. 
Point-no- Point  road,  Mr.  Ball's  residence  on,  115. 
Policy,  marine,  drafted,  36. 
first  issued,  36. 
first  fire,  issue<l,  62, 
first  life,  i!5sue<l,  72. 
Polk,  President,  vetoes  French  Spoliation  bill,  57. 
Porter,  Cyrus,  treasurer  African  Insurance  Com- 
pany, 8S. 
Post   office,   Mr.   Hazard  postmaster  general,   98, 

103. 
Prager,  Michael,  member  of  first  Board,  12. 
Pratt  i  Dundas,  tenants  of  the  Company,  88. 
Premiums,  marine  competition  affecting,  25. 

table  I  •{  ra:»rinc,  to  be  prepared,  36. 
time  f  r  payment  of,  50. 
by  decades,  marine  and  fire,  163, 164. 
Presbyterian  Board  of  Missions,  Mr.  Hazard  mem- 
ber of,  106. 
Presb>nerian,  Secord,  Church,  of  Philadelphia,  Mr. 

Hazard  memler of,  105. 
Presbyterian,  Fitst,  Church,  of   New  York,    Mr. 

Hazard  memt-er  of,  ia5. 
Price's  tables  for  life  insurance  employed  by  Com- 
pany, 74. 
Princeton  College,  Mr.  Hazard  graduate  of,  97. 
Proposals  for  fire  insurance  prepared,  61. 

distributed  through  the  city,  63. 
Protection  to  projierty  at  fire-,  society  for,  65. 
Ptxrviauce,  Samuel,  an  early  underwriter,  24. 

Ealstox,  Robert,  a  Director,  132. 

on    committee    to    memorialise 

Delaware  Legislature,  38. 
on     committee     to     wait     on 

Assemliiy  members,  41. 
on  committee  to  wait  on  Secre- 

tar>-  of  State,  5.X 
on  committee  to  arrange  claims, 

54. 
Secretary  writes  him  of  removal 

of  office,  83. 
his  residence,  78. 
bis  wife  a  cousin  of  Mr.  Hazard, 
104. 
Bandolph,  Joseph,  first  jiresident  of  African  Insur- 
ance Company,  88. 
Kawle,  Francis,  suggests  insurance  offices,  16. 
Bead,  Jame:;,  a  Director.  132. 

on  comiiiitioe  on   extension  of  fire 
business,  CC. 
Reading,  Pa.,  first  agency  al,  66,  67. 
Redwood,  William,  son-in-law  of  Joseph  Saunders, 

19. 
Reed,  Andrew,  daughter  marries  Col.  Pettit,  113. 
Gen.  Josepli.  C«.>1.  Pittit  executor  of,  113. 
&  Pettit,  eaily  undei-wiiters,  24,  113. 


Reeve,  Hannah,  marries  Joseph  Saunders,  19. 

Peter,  an  early  underwriter,  24. 
Reeves,  Charles  II.,  As.sistant  Secretarj-,  126. 
R»ily,  John,  insures  lottery  tickets,  18. 
Remsen.  Henry,  of  Xew  York,  writes  Mr.  Hazard 

on  life  insurance,  74. 
Respondentia,  loans  on,  52. 
Reward  for  detection  of  incendiari.sm,  64. 
Richards,  Benj.  W.,  Mayor  of  Pliilailelphia,  116. 
Riche',  Thomas,  his  policy  in  Wharton's  office,  20. 

Sliee's  office,  21. 
Richmond,  Ind.,  first  agent  at,  06. 
Ritchie  &  Co  ,  of  Canton,  Mr.  Piatt  in  their  house, 
121. 
James  S.,  witness  to  Mr.  Xesbitt's  will,  95. 
Rockwood,  Ebenezer,  marries  Elizabeth  Hazard, 

107. 
Ross,  Andrew,  first  agent  at  Washington,  D.  C,  66. 
John,  member  of  first  Board,  12. 

on  committee  to  prepare  table  of  pre- 
miums, 36. 
to  provide  offices,  36. 
to  wait  on  House,  36 
owner  of  Custom  House  building,  77. 
Rules  for  conducting  marine  business  adopted,  49. 
Rush,  Benjamin,  M.  D.,  member  of  Hand-in-Hand 
Fire  Company,  30. 

St.  Asdrew's  Church,  Mr.  Coffin  warden  of,  120. 
St.  Patrick,  Friendly  Sons  of,  93. 
St.  Paul's  Church  lottery  tickets  insured,  18. 
Sansom,  William,  a  Director,  79. 

purchases  the  Hazard  mansion, 
100. 
Saunders,  Joseph,  his  insurance  offices,  17-19. 

first  clerk  of  the  Coutribution- 

sliip,  13. 
sketch  of  his  life,  19. 
Saving  Fund  Society  of  Philadelphia,  its  building, 

91. 
Schuylkill    Navigation    Company,   Mr.    Hazard, 

author  of  proposals  for,  106. 
Scott  &  McMichael,  early  underwriters,  24. 
Seal  of  Company  adopted,  49. 

Seamen's  Friend  Society,  Mr.  Coffin  manager  of,  121. 
Sergeant,  Jonathan  D.,  classmate  of  Mr.  Hazard.  97. 
Sherrerd,  Henry  D.,  Secretary  of  the  Company,  126. 
Shoemaker  &.  Berrett,  insurance  brokers,  27. 

Jacob,  insurance  broker,  27. 
Shnte,  Attwood,  an  early  underwriter,  23. 
Shee,  Bertles,  associated  with  his  brother,  21. 

Walter,  insurance  ollice,  2o. 
Simpson,  Henry,  his  Lives  of  Eminent  Philadel- 

phians,94. 
Smith,  John,  his  MS.  journal,  17. 

founder  of  Contributionship,  29-31. 
John  C,  sketch  of  his  life,  117-118. 
liobert,  a  Director,  133. 

on  committee  to  wait  on  Secretary 
of  State.  53. 
Samuel,  historian  of  Kew  Jersey,  29. 
Samuoi  F.,  President  Philndeipliia  Bank, 118. 
Widow,  Van  Dam's  office  in  her  house,  22. 
William,  M.  D.,  father  of  John  C,  117. 
William,  D.  D.,   Provost,    father-in-law  of 
Samuel  Blodget,  10, 108. 


INSURANCE  COMPANY  OF  NORTH  AMERICA.      175 


Smith,  William,  D.D.,  Provost, memberoftheHand- 

In-Hand  Fire  Company,  30. 
Spanish  captures,  58. 
Stedman,  Alexander,  an  early  underwriter,  23. 

Cliarles,  an  early  underwriter,  23. 
Stephens,  Robert  L., Secretary,  105. 

reports  to  Stockholders,  68. 
remains  in  city  during  yellow 

fever,  84. 
additional     compensation   for 
faithful  services,  85. 
Steubenville,  O.,  first  agency  at,  66. 
Stewart,  General  Walter,  agent  of  the  universal 
Tontine,  10. 
member  of  first  Board 

of  Directors,  12. 
on  committee  to  petition 

Legislature,  35,  36. 
on  committee  to  petition 
Delaware     Legisla- 
ture, 38. 
on  committee  to  wait  on 
Assembly  members, 
41. 
Stockholders,  list  of  original,  137-146. 
Strettell,  Amos,  an  early  underwriter,  24. 
Stuart,  Gilbert,  paints  Col.  Pettit's  portrait,  114. 
Swanwick,  John,  member  of  first  Board,  13. 

on  committee  to  consider  fire  in- 
surance, 61. 
Symonds,  M.,  her  store  on  Chestnut  street,  18. 

T.\TE,  William,  first  agent  at  Nashville,  66. 
Taylor,  James,  a  Director,  133. 

on  committee  on  extension  of  busi- 
ness, 65. 
John,  insurance  liroker,  27. 
Robert,  son-in-law  of  Mr.  Inskeep,  117. 
Tennent,  Rev.  Gilbert,  baptizes  Mr.  Hazard,  96,  97. 
Term  Insurance,  fire,  rates  for,  62. 
Thomson,  Charles,  writes  about  Mr.  Hazard,  100. 

his  translation  of  bible  revised 
by  Mr.  Hazard,  105. 
Tilghman,  Chief  Justice,  member  of  the  Hand-in- 
Hand  Fire  Company,  30. 
William,  marine  policy  submitted  to,  49. 
Todd,  Alexander,  leases  office  from  Company,  81. 
Tontine,  Boston,  9. 

Universal,  9-11. 

changed   into  Insurance  Com- 
pany, 11. 
Tousard,  Colonel,  applies  for  life  insurance,  73. 
Trenton,  N.  J.,  agency  at,  65. 
Troop,  First  City,  Mr.  Nesbitt  member  of,  93. 

Underwriters,  early  Philadelphia,  their  number 
39. 
list  of,  165,  166. 
Underwriting,  early  fire,  in  Philadelphia,  28-34. 

early  marine,  in  Philadelphia,  14-27. 
referred  to  in  petitions  to  Assembly, 
37,  39,  42. 
Union  Benevolent  Association,  Mr.  Coffin  manager 
of,  120. 


University  of  Pennsylvania,  Dr.  Smith  provost  of, 
108. 
Mr.  Piatt  alumnus  of, 
121. 

V.4JJ  Dam,  Anthony,  of  New  York,  his  insurance 

office,  22. 
Vaux,  Mrs.  George,  owns  the  Hazard  property,  79, 

101. 
Vermilye,  Thomas,  Esq.,  D.  D.,  son-in-law  of  Mr. 

Hazard,  107. 

Walker,  Alexander  M.,  Assistant  Secretary,  126. 
Washington,  General,  his  letter  to  Judge  Peters,  94. 
Mr.  Hazard's  address  to,  103. 
Mr.  Blodget  on  his  staflT,  107. 
D.  C,  founded  by  Mr.  Blodget,  108. 

first  agent  at,  65. 
Pa.,  first  agency  at,  66. 
Watson,  John  F.,  rents  office  after  Company,  86. 
Wells  &  Morris,  fire  policy  No.  7  issued  to,  03. 
West,  Francis,  a  Director,  134. 
his  residence,  7S. 
executor  to  Mr.  Nesbitfs  will,  95. 
Westcott,  Thompson,  account  of  the  Hand-in-Hand- 

Fire  Company,  30. 
Wharton,  Isaac,  insurance  broker,  20. 
his  office,  77. 
Robert,  receives  applications  for  Green 

Tree,  87. 
Samuel  Lewis,  insurance  broker,  20. 
Thomas,  insurance  office,  19. 

and  Isaac,  insurance  office,  20. 
and   John,   insurance   brokers, 
20,  88. 
Wheeler,  Gerv'ase,  architect  of  Company's  build- 
ing, 1851,  90. 
Wheeling,  W.  Va.,  fii-st  agency  at,  66. 
White,    Bishop,    member   of  Hand-in-Hand   Fire 
Company,  30. 
pays  additional  premium  for  plant- 
ing trees,  33. 
Col.  Thomas,  his  letter  to  Thomas  Harri- 
son, 19. 
Whitefield,  Rev.  George,  organizes  Second  Presby- 
terian Church,  98. 
AVhitesides,  John,  fire  policy  No.  6  issued  to,  62. 
Wilcocks,  John,  an  early  underwriter,  24. 
Williams,  Gen.  Jonathan,  friend  of  Col.  Pettit,  112. 
writes  his  obituary,  113. 
Willing,  Morris  &  Co.,  early  underwriters,  24. 
Thomas,  an  early  underwriter,  23. 

&  Co.,  early  underwriters,  23. 
Wilson,  Hon.  James,  member  of  Haud-in-Hand 

Fire  Company,  30. 
Womrath,  Mr.,  purchases  the  Hazard  property,  79, 
101. 

Yellow  fever  in  Philadelphia,  and  office  ari-ange- 

ments,  78-80,  83,  84,  101. 
Yorktown,  Pa.,  first  agency  at,  66. 
Young,  Samuel,  first  Surveyor  of  Company,  47. 


V 


ucso^-Hc,.  .,^:_^^^ 


^     ^00  014  494 


■■■   .    '1    K.. .  ■ 


